What The Fed Knows That You Don’t And Why It Matters For December And Beyond

October 29, 2015 - 4:01pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

P.S. Want to get my Gold Forecast that's returned 1600% since 2010 for free?  Click Here

Members section is now available for free, because 14 days has past since its publication.

Gold Forecast: Proper Action

Yesterday we sent out a trade alert recommending the initiation of long position in gold at 1158. Part and parcel of that trade recommendation was to place a protective stop just below 1149. Stops were hit this morning, closing out the trade.

Long gold at 1158, covered position at 1148, for a net loss of $10 on the trade

 

Gold Market Forecast

Gold prices have absolutely been under pressure since reaching in intraday high of 1191. Based on our technical studies we believe that that price point concluded an impulse third wave. What followed was a corrective wave four for which we originally anticipated a termination point or conclusion at approximately 1149, a 38% retracement of the most recent rally.

That was not to be the case as gold prices dramatically drove through that particular price point. Today's report will look at our current level of support, which we peg at 1133, and base our strategy upon that price point

Trending Markets: Proper Action

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

Maintain current long at 2068 (current 2085)
Maintain stop at 2050

Trending Markets Forecast

Over the last couple of weeks we have been looking to see if the rally in the US equities markets would move into a protracted upside move. We based confirmation of such an extended rally on the 200-day moving average.

Late last week the Standard & Poor's 500 traded above the 200-day moving average for the first time since the August correction. Although Monday and Tuesday of this week unfolded as slightly corrective days, the S&P 500's price maintained above the 200-day moving average.

After the conclusion of yesterday's FOMC meeting the criteria that was necessary to trigger a buy signal was evident, and we initiated a buy.

Today's report will detail our upside target current strategy.

Sentiment Indicator: