Higher Bond Yields and Dollar Strength Trigger Major Gold Selloff

May 15, 2018 - 6:34pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
Wednesday, May 2,  we sent out a trade alert to buy June gold
We went long gold @ 1307
Yesterday we sent out a trade alert to raise stop to $1310.50
We were stopped out when gold began to sell-off for a profit of $350.00 per Comex contract
Gold Market Forecast

The fact the we were able to exit our long gold before the sell-off was fortunate. However the possibility of gold finding support at the .618% retracement could be an extremely exciting opportunity.  We need to see if this level hold, and as you will see on today’s show, we look at our next trade, whether long or short based upon whether gold pricing finds support here.

Sentiment Indicator:
Gold -> Neutral
Silver -> Neutral
S&P 500 -> Neutral
Bitcoin -> Bearish