From China To Crime To Powerball In The First Week Of 2016 | The Gold Forecast

From China To Crime To Powerball In The First Week Of 2016

January 8, 2016 - 4:48pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

On Wednesday we issued a buy signal within our Daily Report and Proper Action sections. Yesterday we sent out a trade alert that recommended that traders who did not take Wednesday's call go ahead and enter the trade.

Thursday we moved stops for all traders to below 1097. This morning stops were hit

Long gold @ 1092 or 1107

Sold @ 1096 for a profit of $4.00 or a loss of $10.00 (depending on when you entered trade).

Gold Market Forecast

Even with the fairly wild range of gold price today, we hit our stop. Gold did manage to close above 1100 per ounce. This to me is significant, and signals potential continued strength in gold prices. The next real level of resistance comes in around 1130 to 1135. Support is firm at 1100 and 1080. 

Trending Markets: Proper Action

We are flat with no active trades over the weekend

Trending Markets Forecast

A very strong jobs report and the Chinese equities market staging a relief rally last night were able to prop up US equities as New York trading began this morning. However, any rally or even any positive gains were to be short lived as sellers returned to the markets plunging the DJIA and S&P500 to close on a new low for the week. In fact US equites had their worst performance for a first week of the year ever!

Today’s report will detail our current take on Gold, Silver, oil, S&P500 and the US dollar

Sentiment Indicator: