FOMC Minutes Pull Rug Out from Under Gold | The Gold Forecast

FOMC Minutes Pull Rug Out from Under Gold

May 18, 2016 - 5:21pm

 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 subscribers add to their long gold position.  This allows us to dollar cost average our current position.
We added to a long @ 1258 with another long @ 1275 = 1266 Average entry price

Maintain your current long gold positions at 1266 (1275 & 1258)

Maintain your current stop below 1251

Gold Market Forecast

Minutes released this morning by the Federal Reserve allude to the fact that an interest rate hike in June is not off the table.

This sent many markets into a heightened state of volatility. This includes the precious metals which came under strong downside pressure.

Whether a rate hike will actually be implemented in June is yet another question.

The fact that a rate hike is not off the table does not guarantee that it will in fact be implemented.

That being said, this morning we sent out a special trade alert recommending that you add to your long position in gold.

Today's video report will detail our rationale behind this aggressive buy trigger as well as the rationale for our current stop placement.

Trending Markets: Proper Action

We are currently flat with no active trades.

Trending Markets Forecast

Considering statements made through the minutes released by the Federal Reserve, anything was possible in today's market activity..

Whereas the NASDAQ gained ground on the day, and held that ground after the release of this morning's minutes, US equities as a whole and the Standard & Poor's 500 did not fare as well.

After trading substantially higher on the day, the Dow Jones industrial average as well as the Standard & Poor's 500 closed in essence unchanged on the day.

Today's report will take a detailed look at the US dollar to ascertain its effects on other markets.

 

Sentiment Indicator: