But But But But Because Of Data

April 14, 2016 - 5:07pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

Last Friday we initiated a long position in gold @ 1240

We raised stops yesterday to 1236 and were stopped out today with a $4.00 loss (400.00 per contract)

 

Gold Market Forecast

After witnessing gold find potential support, and rallying off that support, the last few days have taken away the majority of the gains seen during that recent moev up.

With that in mind, the real question is whether we have sustained any long-term technical damage in gold.

This is the question we will tackle on today's video report. However, the short answer is we have not.

Today we will look at current levels of support that must be held to continue to maintain that view.

Trending Markets: Proper Action

We are currently flat with no active trades in trending markets.

Trending Markets Forecast

Although today traders witnessed US equities trading higher once again, the net gain on the day was nominal at best.

However, we still believe that US equities could continue to rally and flirt with record highs in both the Dow Jones industrial average and the Standard & Poor's 500.

To that end we are looking for proper placement or timing to position ourselves from the long side, which as of yet we have not done.

Sentiment Indicator: