Fed Chair Yellen To Deliver Speech After Trading Closes Today | The Gold Forecast

Fed Chair Yellen To Deliver Speech After Trading Closes Today

September 24, 2015 - 5:28pm

 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 recommending that our subscribers initiate long positions in gold.

Maintain current long position at 1151.50

Maintain current stop just below 1133.00

Gold Market Forecast

The most recent rise in gold prices has signaled the real potential that the long corrective cycle in gold prices might in fact have concluded. On today’s report we will look at particular studies detailing critical levels of support that have in fact held, specifically the 50% retracement level at 1192 (this is a Fibonacci retracement from roughly $300 to the record top above $1900).

We will also detail our rationale behind why we placed our stop just below 1133. Most importantly, we will define our upside target for our trade.

Trending Markets: Proper Action

We have no active trades in trending markets

Trending Markets Forecast

While we have no open trades in trending markets we are looking at the following markets that have a strong potential trend. It is our current take that crude oil, which is fallen so hard, has actually found support at $44 per barrel and should begin to trade higher to our upside target around $60 per barrel.

We also believe that the US dollar could, in fact, find support and begin to move higher.

Lastly we have been looking at the Standard & Poor’s 500 along with the Dow Jones industrial average. Most notably we have identified a compression pattern, which has broken to the downside alluding to lower US equities.

Sentiment Indicator: