Gold Wobbles Down On Stronger Dollar Before Yellen Speech

August 24, 2016 - 4:59pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We were stopped out of our trade today.

We went long gold @ 1355 (1348 spot)
 
Our stop was loosely below 1335* (Dec Comex) (1331) for a loss of $24.00 ($2400 per cpntract)
Gold Market Forecast

Inasmuch as we were expecting some sort of a major breakout, the breakout we were expecting did in fact occur. However, we saw the market break to the downside rather than toward our expected upside target.

As such, we were in fact stopped out of our trade which we will discuss in detail on today’s video report.

The key now is to take a look at our current trade models to ascertain whether we have witnessed any long-term chart damage, and update our model.

Trending Markets Forecast

US equities as a whole traded modestly lower on the day. Crude oil continued its downside move after yesterday’s out of place higher close.

As we get closer and closer to Friday's speech by Janet Yellen, we can expect an increase in volatility and trading range.

Sentiment Indicator: