Vive la France, Vive l'Euro

April 24, 2017 - 6:18pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
Last Tuesday (April 11)  we sent out a trade alert:  Major breakout above resistance. June gold up 19 dollars at 1273. Buy gold at market (1273 current). Stop under 1260. Last  Wednesday morning we raised our stop and sent a trade alert to that effect.
About 60% of subscribers kept their stops where they were, and the remaining 40% pulled profit.
For those who are still long: Maintain long gold at 1273. Maintain current Stop, if stop was not hit today.
For those who had stops hit: In @ 1273 out @ 1278 for a profit of $5.00 or $500 per contract. We will send a Trade Alert when it is time to re enter the market from the long side.
Gold Market Forecast

Even a weaker US dollar which was down almost a full percentage point today could not curtail the utter carnage that existed in the gold pits. Considering that spot gold today contained a boost of roughly 9 dollars based upon a weaker US dollar, gold still close strongly negative losing approximately eight dollars in the cash market. Futures traded under even more pressure than spot prices closing roughly $12 lower on the day. I today's video we will detail our current levels that we believe will provide technical support for the market. As we stated on Thursday we are awaiting a dip to reenter the market from the long side, and although we have seen the market dip today I simply want to see where the dust settles before issuing a trade recommendation.

Trending Markets Forecast

On Sunday France held election and based on the results propped up the Eurodollar. This of course put tremendous downside pressure on the US dollar, but more importantly began a equities rally which would inevitably move over into US equities. European equities closed at a 17 month high, the NASDAQ closed at a new record high, and the Dow as well as the S&P 500 both gained over a full percentage point on the day.

Sentiment Indicator: