A One-Two Combination Knocks Gold Dramatically Lower | The Gold Forecast

A One-Two Combination Knocks Gold Dramatically Lower

February 20, 2018 - 5:26pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
We are currently flat with no active trades in gold or silver.
On Thursday, Febuary 8th we sent out the following trade alert:
Gold is currently @ 1323 Buy @ the market. Place stop below low of today (1305)
Yesterday we sent out a Trade Alert to Raise Stop to $1341.50
We went long gold @ 1323 We exited the trade @ $1341.50 for a profit of $18.50 ($1850 per comex contract)
 
Gold Market Forecast

In hindsight the highs achieved last week created a double top and a resistance level strong enough to incite traders to take profits. That is what we did yesterday when we raised our stop to effectively complete our last trade.

Although we are still bullish long-term, short term we could see lower pricing, and today’s report will detail our target to re enter the market from the long side.

Sentiment Indicator: