Wouldn’t It Be Nice? Oil and Equities Higher, Gold Slides

September 15, 2015 - 4:10pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

This morning we sent out a special "TRADE ALERT" reccomending that you sell gold @ the market

Maintain current short gold @ 1105.36

Main current stop just above 1117

Gold Market Forecast

Interesting day in the precious metals markets with a mixed bag all around. We have gold trading moderately lower on the day, silver trading in essence unchanged, and platinum and palladium both surging to the upside. Worth noting is palladium’s rise today which amounted to a 2.5% gain that took the precious white metal up above $600 per ounce.

We did sent out a special trade alert recommending that our subscribers initiate short positions in gold, see proper action for details on that trade.

Trending Markets: Proper Action

On Wednesday (September 9, 2015) we sent out a special trade alert recommending that you initiate a short position in crude oil.

Maintain short @ 44.25 

Maintain protective stop @ 46.50

Trending Markets Forecast

Today we saw the equities markets once again ignite with the Standard & Poor’s 500 trading up in triple digits. Over the last few weeks we have seen a pattern emerging which can be characterized with an ascending support line made up of a series of higher lows, and a flat top consisting of a series of equal highs. At this point we are approaching the apex of this pattern.

A compression triangle looks for a significant release of energy as the price point approaches the apex of the pattern. With that in mind we are looking to initiate a long position in the Standard & Poor’s 500 (E-Mini S&P 500). We of course will send out a special trade alert once this signal is triggered.

Inasmuch is oil is trading higher on the day I still believe that there is more potential downside ahead. It is for that reason my recommendation is to maintain your current short position and maintain your current stop.

Sentiment Indicator: