Is There a Straw That Broke the Camel’s Back? | The Gold Forecast

Is There a Straw That Broke the Camel’s Back?

June 15, 2018 - 6:45pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We are currently flat, with no active trades after our stop was hit today.

We went long August gold @ 1306.80 and our stop was hit @ $1285, resulting in a loss of  $21.80 ($2180 per cpmex contract).

Gold Market Forecast

The optimism of yesterday’s gain in gold pricing in light of a surge in US dollar value was short lived following the $26 loss in gold today. No doubt traders and analysts will spend the weekend looking at the cause and outcome variables. As we spoke about in the opening letter, it could have been a combination of the events from the last week, with the ECB announcement yesterday tipping the scales.

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