Gold Closes Above Thursday’s Steep Price Advance

October 15, 2018 - 5:46pm

 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

Maintain long gold @ $1227. 80. Maintain stop at $1204.13

Gold Market Forecast

Today’s higher close is significant as it reconfirmed $1217 as a key level of support/resistance. We have seen this price point convey strong price support through July and August of this year. However, on August 13 gold prices broke below that level as it sank to the lowest level of 2018, when on an intraday basis gold prices reached $1167 per ounce. That all changed on Thursday with a dynamic $30 plus gain in which gold prices flew above 1200, the 50 day moving average at 1204, and the former level resistance at $1217 which is now become support.

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