Gold Struggles Because Of Higher Dollar But Does Move Higher | The Gold Forecast

Gold Struggles Because Of Higher Dollar But Does Move Higher

August 29, 2016 - 5:14pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

Last Friday morning, just prior to Janet Yellen's speech, we issued a buy signal in gold.

We went long gold @ 1332 (basis Dec COMEX contract), and our stop was below 1320.

Intraday low in gold today was 1317, therefore we are officially marking ourselves out with a loss of $13.

However, we realize that many of our subscribers have stops that were below 1317, and for those subscribers please email me so I can assemble a small email list to send out stop recommendations.

Gold Market Forecast

Gold certainly found support today, and although it traded to an intraday low of 1317, was able to recover by the close.

The US dollar, which had been taking down the precious metals for the better part of the trading session, did come off of its intraday highs and that allowed both gold and silver to move back into positive territory.

The big winner today was silver. It moved over one full percentage point to the upside. Today's video report will cover our trade as well as current activity in silver.

Trending Markets Forecast

There is no doubt that today US equities staged a substantial recovery after being under pressure for the better part of the last two weeks.

As we quickly approach Labor Day, it is our sense that traders returning from a summer hiatus will have their pockets filled with cash looking for the best assets to establish new positions with. In other words we believe we will see a substantial rally in US equities after Labor Day of this year.

Sentiment Indicator: