The Good, the Bad and the Ugly | The Gold Forecast

The Good, the Bad and the Ugly

March 28, 2019 - 6:19pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

Friday morning, March 8th, we issued a trade alert to buy June 2019 gold (GC M19)

Yesterday we said on a hard break below the 50-day MA to take the stop to the market. 

Long June 2019 gold at $1305 . Stop hit at $1297.13  for a loss of $7.87 ($787.00 per contract)

Gold Market Forecast

The question is whether or not today’s sharp decline across the board in the precious metals markets was a “one and done “or an indication or signal that there will be further declines ahead. My personal feeling is that today’s selloff was far overdone, and would not be surprised to see the market find some support at current pricing. However, if this is not a correct assumption today’s video will look at potential levels of support below current pricing.

While I am still extremely bullish long-term, the facts remain that on a short-term basis there could be more selling ahead. The reason for my long-term bullish demeanor is the new more dovish monetary policy of the Federal Reserve which should in fact be supportive of gold.

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