Multiple Factors Could Move Gold Higher

January 17, 2019 - 5:09pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

This morning we sent out a ...TRADE ALERT:

Feb gold @ $1289.90 -$4.00  Sell @ Market. REMOVE STOP

Buy April Gold @ Market (Current $1295.80 -4.50). Place Stop at $1283.13

 In at $1268.59 out @ 1289.90 for a profit of $2140.00 per contract

Maintain April Gold @ $1295.80 (current $1297.80) 

Maintain stop @ $1283,13

 

 

Gold Market Forecast

We remain focused on which way gold breaks after compression is complete. The key for our current trade was to rollover from the current long position which is in the February 2019 contract, to what will become the next most active contract month April 2019 (GC J19).

We did reccomend a straight ROLLOVER, which to cover the long Feb gold and enter along April gold 

We were presented with an opportunity I still think gold pricing will continue to run to the upside. So we took that opportunity by taking profits on our current trade and simultaneously enter a long position in gold in the April 2019 contract.

 

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