Are the Tides Turning for Gold, Equities and the US Dollar?

November 28, 2016 - 5:01pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

Yesterday we sent out a special trade alert recommending that subscribers initiate long positions in gold.

Maintain your current long gold position at 1199 (basis Comex February contract).

Maintain your current stop below recent lows at roughly 1170.

Gold Market Forecast

Inasmuch as we have seen gold prices declined dramatically since the presidential elections were held on November 8, overseas trading yesterday alluded to a potential level of support.

If you recall gold prices traded to an intraday low on Friday of roughly 1170, which was precisely a 61% retracement plotted from the yearly high and yearly low achieved in 2016.

Following this intraday low overseas trading took gold prices dramatically higher bouncing off of those lows.

Therefore we believe that there is a high probability that we have seen a short-term bottom in gold prices and could see a bounce to higher pricing

Trending Markets Forecast

Whether we are witnessing a market consolidation or a key reversal, will not be answered until more data unfolds.

However for the first time in two weeks we have seen weakness in not only US equities but the US dollar.

Whether this trend continues or is a short-term market move cannot be answered at this time, but what we are seeing is the necessary data points for a key reversal, and only a little more time can answer this question.

Sentiment Indicator: