Ancient Cultures And The Status Of Gold | The Gold Forecast

Ancient Cultures And The Status Of Gold

June 9, 2015 - 4:02pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

On Sunday (in Hawaii, Monday in Australia), we sent out a special "Trade Alert" reccomending a tightening of stops or pulling profits at the market.
Today stops were hit in gold for those that lowered stops. All traders should have now pulled profits on the gold trade.

We went short gold @1192.5 For those that got out on Sunday @ 1172 +19.50 (1950 per contract) for those who got out today @ 1182 + 9.50 (950 per contract)

Short silver trade is still in play

Maintain current short silver @ 16.50  Maintain current protective stop to 16.25

Gold Market Forecast

Not only did today’s trading activity bring a mixed bag, with gold trading modestly higher and silver trading slightly lower, the U.S. dollar had almost nothing to do with this move. Unlike many of our previous trading days in which factoring in dollar strength or weakness was a major component to current price today we actually saw the US dollar trading modestly lower to unchanged.

Although we are still relatively bearish on the precious metals complex is a whole, we could experience a little bit of an uptick in gold. This is simply based upon our channels studies in which we have watched gold oscillate from the upper levels of the channel, down to the lower level of the channel. Based on the study we are looking for gold to possibly trade back to the upper range of the channel.

Silver is another story completely. Trading modestly lower today, we have noted that over the last three trading days silver prices have actually broken but not reached the bottom of the channel. Based upon the study we could see silver prices drift a little bit lower in the immediate future.

Most importantly on today’s video we will detail and explain our rationale behind presenting two options to you in terms of a viable way to exit our current trade and attempt to maximize profits.

Sentiment Indicator: