Could Gold Prices Be Oversold? | The Gold Forecast

Could Gold Prices Be Oversold?

May 11, 2017 - 5:57pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

This morning we sent out a TRADE ALERT:

We are issuing an aggressive BUY Signal in Gold

Buy Gold at the market (1225 June 2017 futures Contract)  Stop needs to be below 1210

Buy Silver at the market (16.32 July 2017 Contract)    Stop below 16.06

Maintain Long positions and Stops

Gold Market Forecast

We have been talking about the necessary parameters to trigger our next trade recommendation over the last couple of weeks. First and foremost we were looking at a logical Fibonacci retracement area that would be appropriate to find a level of support. Second we were looking for a Japanese candlestick pattern at those Fibonacci levels that would indicate a potential key reversal. This morning we issued a trade recommendation based on both parameters. In the case of gold we identified an Engulfing bullish pattern, and in the case of silver we identified a bullish Harami confirmation pattern.

Sentiment Indicator: