Patience On Gold Required As Assessment Of Fed Minutes Tilts Markets | The Gold Forecast

Patience On Gold Required As Assessment Of Fed Minutes Tilts Markets

May 19, 2016 - 5:01pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

This morning we were stopped out of our current trade. We went long @ 1275 with another long @ 1258 = 1266 Average entry price

We were stopped out @ 1250 for a loss of $32.00 

Gold Market Forecast

There is no doubt today's trading activity took precious metals lower, but most noteworthy were the extreme lows experienced intraday.

Gold traded to an intraday low of approximately 1244 before finding support and moving back up off those lows.

Although it is evident (as we were stopped out of our last trade) that gold prices have lower to go,

I'm still under the belief that this is the area where gold should find strong support.

As we mentioned in our opening letter it is simply a matter of patience and letting the dust settle before initiating our next move.

Trending Markets: Proper Action

We are currently flat with no active trades.

Trending Markets Forecast

Since the Fed minutes were released yesterday with statements revealing that there is the possibility of an interest rate hike in June, we have seen erratic and volatile behavior in many of the markets that we follow.

Extreme lows were evident not only in US equities but in the precious metals complex as well. And as we discussed in our opening letter, we really need to let the dust settle.

Sentiment Indicator: