Strong Jobs Report Sees Conflicted Markets Stretched This Way And That | The Gold Forecast

Strong Jobs Report Sees Conflicted Markets Stretched This Way And That

April 1, 2016 - 5:24pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We were stopped out of our long gold trade today.

We went long gold at 1238, we sold our position at 1216, for a loss of $22 on the trade.

Gold Market Forecast

Today's jobs report rather than creating clarity for investors and traders, created more uncertainty as the report was scrutinized.

It was not so much the number of new jobs added, inasmuch as what types of jobs were added.

As such we saw the precious metals complex trade under pressure today.

Based on this most recent move, it would seem that we might in fact see more downside pressure next week in the precious metals markets.

We once again are looking at our old model, which is forecasting gold prices to reach a low between 1195 and 1205. 

Trending Markets: Proper Action

Maintain your current long S&P 500 (e-mini) at 2046 (current 2065)

Maintain your current stop below 2020.

(We will move stop up higher on Monday or Tuesday)

Trending Markets Forecast

Today's jobs report was definitely a strong boost to US equities as a whole.

The Dow Jones industrial average closed at 17,792, up 107.88 on the day.

This, of course, was also reflected in the Standard & Poor's 500, which closed up strongly at 2065.

We believe that this most recent strength should carry through next week, and more importantly should put us on the road to once again test and hopefully breach the record highs in both the Dow Jones industrial average and the Standard & Poor's 500. 

Sentiment Indicator: