Gold Swims Against Strong Equities Currents

July 11, 2016 - 5:14pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We are currently flat with no active trades. We did, however, issue a buy signal yesterday. However, within hours it was absolutely apparent that we were not seeing the necessary follow-through.

As such, we quickly pulled the trigger to exit the trade. We went long gold at 1371. We then took our protective stop to the market, exiting the trade at 1361 for a loss of $10 on the trade.

 

Gold Market Forecast

A strong US dollar, profit-taking and a risk-on environment were underlying factors moving gold prices lower today.

This risk-on environment had a positive influence on silver, based on the fact that silver is a highly used industrial metal. On today's video report we will take a detailed look at our current market forecast, with specific price targets and timelines.

Trending Markets Forecast

Today will certainly be marked as a historical day, the first day of 2016 in which US equities vis-à-vis the Standard & Poor's 500 hit a new all-time record high.

Consider the following: the United States is currently experiencing growth but some of the slowest growth seen in years.

There is an economic slowdown in China coupled with the recent referendum vote in the United Kingdom to leave (Brexit) the European Union.

Put all of those factors together and lo and behold, US equities move to all-time record highs.

Whereas on the surface this might not make a lot of sense, on deeper consideration what comes to light is the following question - where else can you put your money in order to obtain a decent yield.

Sentiment Indicator: