Gold Continues to be Pressured by Outside Forces

July 18, 2018 - 6:28pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

Yesterday I said "We are currently flat with no active trades; however, we now believe that it makes sense to initiate short positions in gold basis the October Comex contract. Aggressive traders should look to initiate short positions with a exit strategy and target of approximately 1200."

All traders should be short. Those taking the call yesterday are short August gold @ 1227.60 place your stop a 1240, or October gold @ 1232.60 place stop @ 1245

For those who did not place trade yesterday SELL gold at the market (Current August 1227, October 1231.60)

Gold Market Forecast

 Monday's price decline certainly resulted in substantial chart damage, with gold breaking below a critical level of support at 1238. That price point in most likelihood will now become resistance. That being said our new target should gold prices continued to decline, which is what we are assuming, is at approximately $1200 per ounce. That of course is based upon the lows achieved in July of last year.

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