Can Gold Hold on to Its Yearly Gain of Ten Percent? | The Gold Forecast

Can Gold Hold on to Its Yearly Gain of Ten Percent?

December 1, 2016 - 4:53pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
Today our stop was hit, resulting in a loss on our last trade
 
We Went long @1199 (basis Comex February contract).
 
Our stop was hit at 1168 resulting in a $31 loss  ($3100 per Comex contract).
Gold Market Forecast

Downside pressure continues to dominate safe haven investments, specifically gold. Even in light of a weaker US dollar, gold still close fractionally lower on the day.

Given that US dollar weakness today added over six dollars of value, on the surface today's decline in gold prices could be perceived as perplexing. It is the current risk on market sentiment that continues to drive gold prices.

The Dow Jones industrial average closed higher today at yet a new record high. This coupled with the continued short-term optimism which emerged just following our most recent presidential election has been a major impetus for traders and investors to move capital from safe haven to risk on plays.

On today's video report we will look at this year's gold prices in context to where gold prices have been, in relation to where they are now.

Trending Markets Forecast

US equities continue to rise although today with mixed messages. 

Although the Dow Jones industrial average did close higher on the day, both the Standard & Poor’s 500 as well as the NASDAQ indexes closed lower.

Crude oil continues its dramatic climb as OPEC member nations reach a production limit. Oil has gained roughly 13% over the last two days of trading.

We also are seeing a continuation of a weaker US dollar, which began roughly a week ago, and continues to trade under pressure.

Sentiment Indicator: