Last Week’s Price Action Suggested a Pivot Was Forming In Gold

August 20, 2018 - 5:48pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We are currently flat and looking to enter gold from the long side,

Today we pulled profits on our short gold trade

We were short  December gold @ $1217.60, we got out @ $1195.13 for a profit of  $22.47 or $2247.00 per comex contract

Gold Market Forecast
As you know for the last couple of months we have been forecasting lower gold prices with a target of $1200 per ounce is our initial objective, then revised to $1178 last week. With the strong recovery over the last two days of last week we are looking to go long December Gold. We will send out a Trade Alert to that end.
 
Sentiment Indicator:
Gold -> Bullish
Silver -> Neutral
S&P 500 -> Bullish
Bitcoin -> Bearish