Gold Slides Amidst Fed Chatter While Equities Rise On Oil Jump | The Gold Forecast

Gold Slides Amidst Fed Chatter While Equities Rise On Oil Jump

September 28, 2016 - 5:15pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We are currently flat with no active trades after pulling profit on our long gold both yesterday as well as today. On Monday we raised our stops in gold to below 1325 (Comex).

Yesterday we recommended either pulling profits where the market closed at (1331), or leaving the stop as it is. So...

We went long @1317 and out @1324 ($700.00 profit or 7 %) or out @1331 ($1400 profit or 14 %)

 

Gold Market Forecast

Besides looking at our latest trade in review, today's video report will focus upon the fact that we have seen gold move from a higher-trending market at the beginning of this year, to a market that is trading in a defined and controlled trading range.

On a technical basis we will look at the fact that since gold's rise from 1050 at the beginning of the year to its yearly high at about 1380, we now have gold trading with a series of lower highs and a series of equal lows (simply called a flat).

The question we will ponder today is what it will take for gold to break out of this trading range and move to new highs above 1380.

Trending Markets Forecast

A most interesting day in US equities, as we witnessed the second consecutive day of triple digit gains in the Dow Jones industrial average.

It is noteworthy that the oil stocks led the way today rather than the tech stocks, which had been in the forefront of equity gainers over the last couple of weeks.

Of course, this was based upon the fact that OPEC member nations have come to a basic agreement to control production. This news moved oil prices up about 4-1/2%, with the real question being whether the agreement reached today will be a deal that is kept.

Sentiment Indicator: