Rumors Drag Down Markets Going Into Weekend | The Gold Forecast

Rumors Drag Down Markets Going Into Weekend

September 9, 2016 - 5:15pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
Last Friday, just following the release of this month's jobs report data, we sent out a trade recommendation to enter long positions in both gold and silver.
Today our stops were hit, resulting in a small profit on both of our trades. We enter the weekend flat with no active trades.
We went long gold at 1328 (Dec comex), we covered at 1336 for an $8.00 profit ($800 per contract)
We went long silver at 19.17 (Comex),  we covered at 19.35 for an .18 cent profit ($900 per contract)
Gold Market Forecast

There is no doubt that this is been a most interesting week in the precious metals markets.

On this shortened trading week we saw gold gain $27 on Tuesday – the first trading day of the week – only to watch that net gain slowly erode over the next three trading days.

Today's lower close took gold down approximately $8 on the day, the net result was a 50% retracement of price from the most recent rally in gold.

On today's video report we will cover our most recent trade in which we took a small profit, but more importantly we will discuss key levels of potential support in gold and silver.

Trending Markets Forecast

As we said in our opening statement of our daily letter "buy on rumor, sell on fact" obviously resonates today. 

US equities traded quietly throughout the week, with fractional gains as well as fractional losses, the net result being not much movement in the market.

Of course, that was up until today's trading activity in which US equities lost roughly 2% on the day.

The Dow Jones industrial average closed off almost 400 points on the day, and the real question is what will we see these markets do Monday morning.

On today's video report we will look at key levels of potential support in US equities in attempts to ascertain what we might see next week.

Sentiment Indicator: