Dollar Strength and Selling Pressure Continue to Weigh Heavily on Gold Pricing

March 28, 2018 - 6:24pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We pulled profits today when our stop was hit. We are currently flat with no active trades.

Long @ $1329 Out @ 1336 for a profit of $700 per Comex contract.

Gold Market Forecast

We have identified a Fibonacci harmonics at $1317. We used 2 data sets, both a long and short. The 38% retracement (Long) and the 78% retracement (short) both occur at $1317. Therefore we will look at that price point to re enter a long in the June contract month.

Sentiment Indicator:
Gold -> Bearish
Silver -> Bearish
Bitcoin -> Bearish