A Tiny Dose Of Risk Friendliness Douses Fire Under Gold For Now | The Gold Forecast

A Tiny Dose Of Risk Friendliness Douses Fire Under Gold For Now

March 9, 2016 - 4:56pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We are currently flat with no active trades.

Today we pulled profits on our long gold position. We initiated a buy in gold at 1217.

Over the last week and a half we have been raising our stops.

Yesterday we sent out a special trade alert recommending that all traders move their stops to below 1255. Our stop was hit during today's trading session.

We went long at 1217. We then sold our positions at 1254 for a gain of $37, or $3700.00 profit per contract



Gold Market Forecast

On yesterday's video report we spoke about the fact that we were seeing some real resistance in gold at roughly 1280 per ounce.

Our most recent forecast model has been looking for gold prices to trade to highs of 1292. However, with well identified resistance at 1280, we tightened our protective stop on our current trade.

That stop was hit today and we took profits.

As to whether we covered our position prematurely, that is certainly arguable.

But, in the words of Herbert Hoyle, one of the most successful stock traders in the 1950s, when asked why he was able to pull consistent profits out of the markets when the majority of traders were taking substantial losses, he replied, "Because I always sell too soon."

Trending Markets: Proper Action

Maintain your current long position in the Standard & Poor's 500 E-mini @ 1979 (current 1989)

Maintain your current stop below 1965

Trending Markets Forecast

As we spoke about in our opening letter, today was certainly a risk on day with equities staging a modest rally in which we saw the Dow Jones industrial average once again flirt with 17,000.

Supportive of the US equities markets was crude oil. It gained almost 5% on the day.

We still see strong resistance in the Standard & Poor's 500 e-mini at 2003.

Sentiment Indicator: