Crude Oil Is Low And Going Lower So Look Out Below | The Gold Forecast

Crude Oil Is Low And Going Lower So Look Out Below

December 7, 2015 - 5:19pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

This morning we sent out a TRADE ALERT: Sell Gold @ market filled at 1077 -78 (current 1071)

Place stop above 1089, Friday's high

Maintain both short trade and stop

Gold Market Forecast

Trading activity on Thursday as well as Friday of last week was interesting to say the least. Most noteworthy was the tremendous upward spike that we witnessed in the precious metals across the board.

It was our belief then as it is now that any kind of upside rally would be short-lived and would present us with an opportunity to initiate short positions.

This is exactly what occurred Monday morning and we entered a short position in gold. Today's video report will discuss parameters for placing our stop where we did, as well as our profit target if the market moves in our anticipated direction.

Trending Markets: Proper Action

Friday morning we sent out a trade alert Buy S&P 500 @ the market (2053 entry price) and to place a protective stop below 2040.

This morning we moved the stop up to 2072

Long @ 2053 out @ 2072 = 19 points 

19 X $250 = $4750 per contract

Trending Markets Forecast

One of the most famous equities traders of the 1950s was a gentleman by the name of Herbert Hoyle. He was once interviewed and asked why he seemed to be so successful when the vast majority of traders do not fare as well. He answered with one line: "The reason I'm profitable is I always sell too soon." That certainly was the case today with our S&P trade in which we picked up 19 points very quickly.

Today's video report details the current trade we just concluded as well as taking a close look at movement in the dollar and crude oil.

Sentiment Indicator: