Gold Struggles to Find Support as a Weaker Dollar Props the Precious Metal Up

August 7, 2018 - 6:20pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

Sent Yesterday: TRADE ALERT: Today we are issuing a Trade Alert For all traders not short to get Short !  Place stop above 1225 Basis December futures contract All traders should be short following my gold outlook email sent right after the FOMC statement was released, and Trade Alert sent...

See market forecast for outlook

Maintain short  December gold @ 1217

Maintain stop at 1227

Gold Market Forecast

This is an aggressive sell signal as on a technical basis we could see support at this level. That being said it has been a fundamentally driven market with dollar strength guiding the bearish outlook. That needs to change to see any real upside move in gold. Of course at any point we will see a upside bounce (dead cat bounce?) but any real change to our long term outlook requires the fundamentals at play to dramatically change.

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