Fed Head Has Impact By Stilling Discordant Voices | The Gold Forecast

Fed Head Has Impact By Stilling Discordant Voices

March 29, 2016 - 5:12pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

This morning we sent out a special trade alert recommending that our subscribers initiate long positions in gold.

Traders taking that call entered the market roughly at 1238.

Maintain your current long gold position at 1238 (current 1242).

Maintain your current stop below 1217.

 

Gold Market Forecast

Over the last few days we have been looking at technical evidence that the correction that had been in place was coming to a conclusion.

In essence we were looking for gold prices to reach a low between 1195 and 1205.

However, in yesterday's trading activity, gold prices reached in intraday low of 1206, and then quickly bounced off that price point with tremendous support, indicating we might have, in fact, seen the conclusion of the correction's low prices. 

Today, following statements made by Janet Yellin, we saw precious metals prices react in a strongly bullish manner, confirming that the former correction had concluded.

As such we issued a buy recommendation which is available for reading in Proper Action.

Trending Markets: Proper Action

This morning we sent out a special trade alert recommending that our subscribers initiate long positions in the Standard & Poor's 500 vis-à-vis the E-mini.

Traders taking that call entered their long position at roughly 2046.

Maintain your current long S&P 500 (e-mini) at 2046 (current 2048.75)

Maintain your current stop below 2020.

 

Trending Markets Forecast

Although it is a fairly rare occurrence, today we witnessed both US equities and the precious metals markets moving in tandem, strongly to the upside.

Obviously this is due to dovish remarks made by Janet Yellin in which she stated "caution" is necessary before interest rates are raised.

These statements moved the Dow Jones industrial average which was trading dramatically lower on the day to close up approximately 100 points, and the Standard & Poor's 500 to close approximately 1% higher on the day.

Sentiment Indicator: