Now Wait Just A Darned Minute On Oil

February 22, 2016 - 4:40pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

Last week we entered a long gold position at 1208.

Yesterday we recommended tightening the current stop to just under 1210 thereby protecting our initial equity on the trade.

We went long gold at 1208 and we covered our position at 1209 for a push on the trade.

Gold Market Forecast

Although we saw gold prices trade to the upside with a sustained rally throughout last week, the first real sign of any weakness came in on Friday, and carried over to the start of trading this week overseas in Australia, Hong Kong and London.

Inasmuch as it seemed that our current trade in which we entered a buy in gold at 1208 was moving favorably on the following day, the intraday highs achieved were not sustainable.

Upon seeing some real weakness in gold pricing as trading began in Hong Kong and London, we made the decision to tighten our stops and protect equity.

Trending Markets: Proper Action

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

Maintain your current long position at 1938. Maintain your current stop below today's low at 1906.

Trending Markets Forecast

We have been looking for technical confirmation that the recent intraday lows sustained in the US equities markets have signaled a tentative bottom in support, as well as a springboard for higher pricing.

Our initial target on this current trade could be as high as 2003, where we currently are pegging our long-standing resistance.

Sentiment Indicator: