Selling Pressure Continues Across the Board in Precious Metals | The Gold Forecast

Selling Pressure Continues Across the Board in Precious Metals

April 15, 2019 - 6:24pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
We are currently flat with no active trades in gold or silver.
On Monday, April 8th,  we sent out a trade alert.
Trade Alert: Buy June gold at the market (current 1301.50 - $1301 80). Place Stop at $1287.13.
Today our stop was hit @ $1287,13  for a loss of $1452 per contract
Gold Market Forecast

My assumption on Friday was that Thursdays dramatic selloff might in fact be a one and done, and that gold could easily find support at current pricing.

However that assumption was proved wrong today when the market traded to a lower low of $1285 per troy ounce. That being said, gold did managed to close above its 100 day moving average. Which indicates that it could still find some potential support in this current price region, however the lower low indicates the potential for lower pricing.

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