China – U.S Meeting Results in Trade War Truce | The Gold Forecast

China – U.S Meeting Results in Trade War Truce

December 3, 2018 - 5:59pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
On Wednesday November 28  sent out two Trade Alerts this morning. The first:  Buy December Gold ATM (At the market) 1218.80. Place Stop @ 1204.13. The second: to add a contract in the February (GC G19) contract month.
 
Yesterday, December 2nd we sent out a trade alert to roll over the December position to Febuary. You made a total of $600 per contract on the roll over.
You are now long 2 contract of Febuary gold at an average price of $1229 (current $1236)
 
Maintain long two Febuary gold @  $1229 (ave), and stop @ $1210.13

 

Gold Market Forecast

As we spoke about last week the future direction of precious metals as well as the US dollar were going to be highly influenced by the face-to-face meeting between Presidents Trump and Xi at the G 20 meeting in Argentina last weekend. We also spoke about the fact that the current dispute is much too complex to believe that it could be result in a single meeting, however if we had some real headway and positive statements coming out of their face-to-face talk, we would see weakness in the US dollar, as well as a return to rally mode in the precious metals markets, specifically gold.

That is exactly what happened the announced truce move the dollar lower fueled a strong rally in US equities and took the precious metals to higher ground. We believe that this is a trend that will continue at least throughout the beginning of the truce. On today’s show we will detail her current trade along with our exit strategy.

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