Gold Closes Below The 50-Day Moving Average

April 5, 2018 - 6:57pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
We are currently flat with no active trades
On Monday, April 2,  we issued a Trade Alert: Buy Gold @ Market
Today's lower prices resulted in our stop being hit
Long gold at 1345.40 and out at 1330, for a loss of $15.40 ($1540 per contract)
Gold Market Forecast

Gold closed below the 50 – day moving average today. The low today occurred at the .618% retracement of the most recent rally. Therefore, if the low holds it would become support. If gold prices decline further 1317 would be a logical price point for support.

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