Lift off in 10-9-8-7 - Houston we have a problem | The Gold Forecast

Lift off in 10-9-8-7 - Houston we have a problem

October 28, 2015 - 5:44pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We have no active trades as we are awaiting technical evidence that the current corrective wave has concluded. See market forecast for details.

Gold Market Forecast

Ever since gold prices traded to a higher high at 1191, gold has been in a corrective period. Our current model looked at the real possibility of some sort of an A, B, C correction.

Today's video report will detail why we believe that there is technical evidence that gold prices have concluded a counter wave (B wave), and is currently completing the final "C" of this correction.

Based on this assessment we believe gold prices could falter a little bit more possibly as low as 1150 and then find support.

Trending Markets: Proper Action

This morning we sent out a special trade alert recommending the initiation of a long position in the Standard & Poor's 500 vis-à-vis the E-mini contract.

Maintain current long position in the E-mini S&P 500 at 2068

Maintain current protective stop below the 200 day moving average at 2050

Trending Markets Forecast

Over the last week and a half we have been looking for an entry point to initiate long positions in the Standard & Poor's 500. Following selling pressure this morning, as traders and analysts began to interpret recent statements made at the conclusion of this month's FOMC meeting, a real rally began to develop.

This presented a real opportunity, and more importantly the proper timing to initiate the position in the Standard & Poor's 500. We did just that, and as you will see on today's video report we are nicely positioned with stops in place.

Sentiment Indicator: