Traders Focus on Federal Reserve Report and Upcoming G 20 Meeting

November 28, 2018 - 4:22pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We sent out two Trade Alerts this morning. The first:  Buy December Gold ATM (At the market) 1218.80. Place Stop @ 1204.13

The second:  If you wish to add to this morning’s long December (GC Z19) gold, Add into the February (GC G19) contract month

Maintain long December gold @ 1218.80 (current 1222.1)

Add Long February 2019 (GC G19)  (current 1228.30) and place stop @ 1210.13

Maintain long December gold @ 1218.80 and long Febuary Gold.

Maintain stops

 

Gold Market Forecast

Statements made by Chairman Jerome Powell today indicated a shift in their monetary policy. As the Fed has moved into a stance of quantitative normalization, they have slowly increased the Fed funds rate on eight occasions taking the interest rate that banks charge other banks for overnight loans to 2%- 2.25%.

Last month Chairman Powell stated that they are still far away from a interest rate they considered “normal” in times of economic prosperity. Today in his statement he revealed that the current rate is getting close to that of a normalized rate.

The net effect was a weakening US dollar which took gold pricing moderately higher

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