Gold, The Dollar, The Euro And The Big Moussaka

June 2, 2015 - 4:02pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

Over the last week we have detailed our technical studies which are all pointing towards lower pricing in the precious metals markets.

Trade Alert: Aggressive traders should enter the market from the short side (gold) and place protective stop above 1201.

 

Gold Market Forecast

As we discussed in our opening letter, the euro was absolutely on fire today, moving dramatically higher. As of this writing (4 PM Eastern standard Time) we have gold trading moderately higher up $3.90 on the day. But the real picture becomes clear when we factor in dollar weakness. Normal trading in gold actually took prices dramatically lower, off $14.40. Once we add $18.30 of positive pricing due to the US dollar we go from dramatically negative to slightly higher on the day.

Whether you see today’s moderate upside move as noteworthy, all of our technical studies are still pointing towards lower pricing in both gold and silver. 

Sentiment Indicator: