Gold Faces Dithering Of Analysts

April 6, 2015 - 3:43pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

Yesterday we sent out a “Trade Alert” recommending entering long positions in both gold and silver.

Maintain long gold @ 1215 with a stop @ 1199. We also recommend placing an OCO (one cancels the other) selling gold at 1251.

Maintain long silver @ 17.03 with a stop @ 15.75. We also recommend placing an OCO (one cancels the other) selling silver at 17.80

Gold Market Forecast

The fact that Friday’s jobs report occurred on Good Friday when both the equities and precious markets were closed created a real time lag between the data and traders' reaction to that report.

Also, comments made by some Fed elements today confirmed what many traders believe – that the Federal Reserve might have to wait longer begin to raise rates. The net result was an extremely bullish move in the precious metals markets today.

Gold prices reacted to this news and spiked higher in trading in Australia on Monday morning overseas. Prices remained firm in Hong Kong, London and into the open in New York. Gold traded to a high of 1224.80, which is where the first level of resistance is located. However, today’s higher pricing created a confirming candle to patterns we identified in both gold and silver last week. It was these confirming candles that triggered the buy signal we sent out yesterday.

Today’s video report will detail our current strategy and defined specific parameters of our current trade. We will outline the rationale and thought process behind where we placed our upside sell order as well as our protective stop loss.

Sentiment Indicator: