Light Holiday Trading Evident Today | The Gold Forecast

Light Holiday Trading Evident Today

January 21, 2019 - 5:35pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
We are currently flat with no active trades
Thursday morning, January 17, we sent out a ...TRADE ALERT: to sell (cover) our long Feb gold @ $1289.90 and to REMOVE the STOP
 In at $1268.59 out @ 1289.90 for a profit of $2140.00 per contract
We also Bought April Gold @ Market and Placed our Stop at $1283.13
That stop was hit today, Monday Januaray 21 for a loss of  $11.87 or $1187 per contract.
Gold Market Forecast

The question is whether or not Friday's selloff was a one in done extremely shallow correction, or if it is the indication of beginning of a much deeper correction. We need more data to answer that question, and to that end we will watch and see how the market reacts over the next three days, and act accordingly. I still believe that we are in a bullish trend, however we might be in a corrective wave of that bull move.

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