Got Jobs? | The Gold Forecast

Got Jobs?

March 8, 2019 - 5:15pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

This morning we issued a trade alert to buy June 2019 gold (GC M19)

Maintain long gold at 1305

Maintain Stop at 1287.13

Gold Market Forecast

Today traders witnessed a key reversal in gold pricing. Since February 21 the market has been in a defined correction. This correction would take gold prices from the high achieved on February 20 at $1350 to a low yesterday of $1287.

Throughout the middle of the week we identified small bodied candles that can be labeled as “doji” candlesticks. This type of candle indicates indecision in the market and when you get a cluster of them, they can indicate a potential shift from a bearish market sentiment to a bullish market sentiment. That is exactly what we saw today.

There were three primary reasons that we saw the shift in market sentiment. First was yesterday’s announcement by the European Union’s central bank that they would not raise interest rates at least till the end of this year.

Second was real concerns that the Chinese economy is slowing. The Chinese stock market exhibited their worst drawdown since October of last year.

Lastly was a dismal meager jobs report which came in at 20,000 new jobs, when the expectation was for 180,000 new jobs to be added last month.

On today’s video we will discuss are upside target on our current trade.

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