Gold Rises On Wings of Weaker Dollar, Stocks Falter On Banks

October 13, 2016 - 5:11pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

This morning we sent out a trade alert recommending the initiation of long positions in gold.

Traders taking that call entered the market roughly at 1260 (December Comex contract)

Protective stops should be placed below 1241.

Gold Market Forecast

Today's video report will focus upon the trade alert we sent out this morning recommending the initiation of long positions in gold. One of the primary triggers for this trade was taking a look at the big picture.

The big picture encompasses the $325 rally in which we saw gold prices move off of the lows of 1050 to this year's high at 1375, and the current decline from those highs to the current lows at 1241, which amounts to a 38% retracement.

We believe that the risk-reward ratio is 3-to-1 or 4-to-1 on this particular trade. 

 

Trending Markets Forecast

US equities continue to trade under pressure, and although recovering from today's lows, closed approximately a third of a percent lower on the day.

On today's video report we will take a detailed look at crude oil and the US dollar. We will also look at the fact that the Standard & Poor's 500 is still trading below its 50-day average.

Sentiment Indicator: