Dow Loses 5 Percent in last Two Days and Gold Prices Pop

October 11, 2018 - 5:27pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
Yesterday we sent out a trade alert to buy December gold at the market
Buy December gold @ the market (current 1196.40). Place stop below 1178.50 (1176)
This morning we sent out a Trade Alert to raise your stop to 1221.13
Maintain long gold @ 1196.40 (current $1227.70) Maintain stop @ 1221.13 
Gold Market Forecast
Yesterday’s dramatic decline in US equities are signaling that the trade dispute between China and the United States might have reached an inflection point in which the trade dispute can be more characterized as a trade war. As such today for the first time in a while we have seen a return to favoring safe haven assets over the risk on asset class. Today stocks continued to sell-off now for a second day in a row.
 
Higher yields and bonds as well as the safety of gold are two avenues that investors are turning to protect their equity. Gold could trade much higher and our target is $1246.
Sentiment Indicator:
Gold -> Bullish
Silver -> Bullish
S&P 500 -> Bearish
Bitcoin -> Neutral