Gold Loses Out to Stellar U.S. Jobs Report | The Gold Forecast

Gold Loses Out to Stellar U.S. Jobs Report

August 5, 2016 - 5:33pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
We are currently flat with no active trades in gold or silver Last Wednesday (7/28), following the conclusion of the FOMC meeting, we issued a buy signal in gold. 
 
Today our protective stop was hit giving us a small profit on the trade
 
Long at 1338, out at 1349 for an $11.00 profit ($1100 per contract)
 
Gold Market Forecast

There is no doubt that today's impressive jobs data sent major ripples through not only the US equities markets but the precious metals markets.

The downside pressure amounted to a $25 loss per ounce in gold.

On today's video report we will look at our short and long current Elliott wave count, with our primary focus on determining whether this most recent activity has caused any major chart damage.

As you will see on today's report it is our current belief that this downturn has not caused any major change to our current models.

Trending Markets Forecast

According today's Labor Department report, Americans headed in droves to new jobs, with an impressive 255,000 new jobs being added to the nonfarm payrolls for the month of July.

This of course set into motion dynamic upside moves in US equities. And this move came just following impressive overseas rallies in both Europe and Asia.

The fact that the Standard & Poor's 500 along with the NASDAQ closed at new historical highs sets up a high probability for follow-through buying once the markets open again on Monday.

Sentiment Indicator: