Commodities Sell Off A Larger Indicator Of Economic Dynamism

July 22, 2015 - 4:45pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We were stopped out of long gold and reversed our postion. Long @ 1106 out @ 1092 -14.00 

Maintain short gold @ 1092 Maintain stop above 1107

Gold Market Forecast

Gold continues to trade under pressure, breaking two new lows on the day with an intraday low of 1085. To find a corresponding low historically speaking we need to go back to February 2010. At that time gold had just traded to a low of 1065 before moving higher. This was also the period that George Soros was accumulating gold. We believe that these most recent lows are signaling further downside pressure. Our current target in gold shows minor support at 1065, then at 1030, with major support in the thousand dollars. 

Trending Markets: Proper Action

We issued a sell signal in crude oil today (current 49.16)

Place protective stop @ 53.60

Trending Markets Forecast

We are waiting further clarification in the US dollar and Euro before we enter any active trades. For now we issued a sell signal in crude oil this morning as our only active trade in trending markets.

US Dollar –Lower corrective phase never saw follow through, more likley to return to bullish advance

Euro –Higher corrective phase never saw follow through, could trade lower 



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