Gold Breaks Out and the Rally Continues

February 23, 2017 - 5:15pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

This morning we sent out a special trade alert through email as well as SMS text message. Gold prices have dramatically broken above 1242 resistance, now trading @ 1250 up $17 on the day. buy @ market, or wait for possible dip. We recommend buy @ market  and reserve capital to add to position on dip or first upside target.

Place stop below 1216 

Maintain your current long position at 1250 and maintain your current stop below 1216

Gold Market Forecast

Over the last few weeks gold prices have been consolidating, trading in a narrow and defined trading range with absolute resistance at 1242. We have been waiting for gold prices to effectively close above 1242 before initiating a long position. That is precisely what we witnessed today, and as you will see a today show was the primary rationale behind today's buy signal

Trending Markets Forecast

In interesting day in the markets overall with the Dow Jones industrial average closing at a new all-time record high for the ninth consecutive trading day. Also noteworthy is the fact that we have both risk on and risk off asset classes moving in tandem. The US dollar has now traded under pressure for the second consecutive day, and is one of the primary outside factors providing upside momentum to gold.

Sentiment Indicator: