Kitco News and other media outlets (Archive) | The Gold Forecast

Kitco News and other media outlets (Archive)

September 25, 2015 - 4:43pm

After hitting a four-week high earlier this week, gold was down on Friday but was still preparing to end its second consecutive week in positive territory, showing gains of 0.5%. Spot gold was last down $6.10 at 1148.00 an ounce. Gary Wagner, editor of told Kitco News on Friday that an ‘interesting scenario,’ is brewing for the metal. ‘My belief is that once gold hit $1,092, it was a significant bottom -- once we bounced off of that we started to build a base. I think we are continuing to move on that rally,’ he said. ‘We did get a nice bounce as the market came down earlier, it thought it would go to $1,115 – but we have a great support at $1,121’ he added. As for Fed Chair Janet Yellen’s after-market speech on Thursday, Wagner viewed her talk as a litmus test to...

September 11, 2015 - 10:53am

Gold is trading sideways ahead of next week’s much anticipated Federal Open Market Committee Meeting (FOMC) but the metal managed to rebound after hitting a 4-week low on Wednesday. One technical analyst explained that as long as gold is trading above $1,108-$1,109 -- the metal has the opportunity to see a bounce to the upside. ‘[I]f it breaks below $1,109 it could probably run to $1,095 – however, as of now, it seems to have found some support,’ said Gary Wagner, editor at the Wagner said he is paying close attention to the gold’s movement. ‘[T]he 21- day moving average has actually crossed above the longer term moving average, which is a golden cross in technical terms, and it could be conveying that we found some support in gold,’ he said in an interview with Kitco...

September 4, 2015 - 12:32pm

Gold prices ended the U.S. day session lower Thursday, but the focus for the metal is now squarely on Friday morning’s U.S. jobs report. ‘It is going to be a really important number, especially if we get a number under expectation,’ said Gary Wagner, editor of the, ahead of Friday’s data. The key non-farm payrolls number is expected to be up 200,000, or slightly above, in August. This report is the most important economic report of the week, and arguably of the month, Wagner said in an interview with Kitco News. Wagner explained that Friday’s U.S. jobs report will be a determining factor on whether the U.S. Federal Reserve makes a rate hike in September. ‘If it is under expectations, it doesn’t bode for any rate hike to be implemented,’ Wagner said. Until the central...

August 20, 2015 - 3:39pm

As gold prices glitter Thursday, the day after the release of the Fed’s July meeting minutes, Gary Wagner tells Kitco News the technicals are faring well. “We’re at a critical point -- roughly the $1,150-1,155 area — and a break and a close above this area, really signals something significant,” he says. “We could actually see this market trade as high as $1,170 before correcting,” he adds. Looking at the fundamentals, Gary says that gold is garnering support from weaker equity markets as well as uncertainty in the global economy. “And that, of course, is affecting the Fed decision on when they will pull the trigger on rates,” he notes. Based on the charts, Gary says if gold can break through some key Fibonacci retracement levels, the metal may be headed above $1,300 an ounce. “If we...

August 13, 2015 - 11:20am

As gold corrects from gains seen earlier in the week, technical analysts and star of Kitco News’ Chart This Gary Wager says he is enthused about the gold market. “I’m excited about what we’ll see over the next month or so,” he told Kitco News Thursday. As of 10:06 a.m. EDT, December gold was down $7 to $1,116.60 an ounce after it previously closed higher for five business days in a row. When asked if gold can see continued strength, Wagner said the outcome will be heavily fixed on the next move by the Chinese government. Earlier in the week, the People’s Bank of China devalued the yuan to help the country’s flagging economy. “If we see an extended intervention by the central bank in China, we could sees an extended and prolonged rally in gold and U.S. debt instruments,” he explained....

July 24, 2015 - 1:39pm

Not only did gold selloff early in the week, but gold futures saw the longest run of losses since 1996. Could the metal be due for a technical bounce? Kitco News speaks with Gary Wagner to find out what levels he is looking at for the metal next week as gold options expire and the markets await for the results of the latest FOMC meeting next week. "At this point, we could see a little bounce, but I am expecting more downside pressure [for gold],” he says. The key level that he is looking at for the yellow metal right now stands at around $1,038 an ounce. Wagner adds that any breach of the $1,085 level could lead gold towards lows last seen in February 2010. Tune in now to the latest edition of “Chart This!” Kitco News, July 24, 2015.

July 17, 2015 - 11:42am

Kitco News - As gold continues its weak trend and tests lows last seen in 2014, one market veteran says the yellow metal may be poised for further losses. 'The real issue has been a return in strength in the dollar,' Gary Wagner, editor of, told Kitco News. He compared gold to a salmon swimming upstream, struggling to maintain gains as the dollar index pressures the metal. Gold prices reached a low of $1,140.60 on Thursday, which Wagner says is a critical level to watch. 'That’s the lowest low that we’ve had in 2015,' he said. If the $1,131 level does not hold, Wagner said 'we could see some real downside pressure in gold, possibly taking it as low as $1,080-1,090.' Looking at silver, Wagner said his key level for the white metal stands at $14.50 an ounce. The...

July 2, 2015 - 4:22pm

Published on Jul 2, 2015 · Chart This is back and Gary Wagner joins Kitco News at the new studio to talk about gold and silver. Can the metals break their range? Wagner comments on gold’s reaction to Thursday’s weaker-than-expected nonfarm payrolls data and says the metal is acting ‘tepid at best’ right now. With the uncertainty in Europe and the weaker U.S. data, gold should be performing better as a safe-haven asset, but instead hit a 3.5 month low on Thursday morning. Wagner says the weaker data may now delay the U.S. Federal Reserve’s first move on rates. Tune in now for more from’s Gary Wagner. Kitco News, July 2, 2015.

June 4, 2015 - 11:28am

Gold prices remain under pressure, but it's a different story than last week as a weaker U.S. dollar is not lifting the yellow metal. Looking at gold and the USD retracement this week, Gary Wagner notes that it's interesting that the lower U.S. currency isn't taking gold out of its downward spiral. Focusing on Friday's nonfarm payrolls data, Wagner says with the stock market hitting highs, investors are holding back to see if there's any kind of pullback, which he says would give way to some safe-haven buying in the precious metals. As for the jobs numbers themselves, Wagner thinks there will be more positivity for the U.S. economy. Tune in now to see what Gary's eyeing on the charts on this week’s edition of Chart This! Kitco News, June 4, 2015.

May 22, 2015 - 10:27am

Gary Wagner leads Kitco News into the long weekend with his latest thoughts on the gold market as well as the resurgence seen in the U.S. dollar. Talking on gold’s price action, Gary notes that the metal is now within the $1,182-1,221 trading range. “The fact that we’ve moved back in the range is foreboding because it seems easier to move down from here…especially with the dollar rebounding again,” he says. Tune in now to see what key levels are catching Gary’s attention and how he sees the metal set up for the short week ahead. Kitco News, May 22, 2015.