No Luster Lost in Gold’s Shine | The Gold Forecast

No Luster Lost in Gold’s Shine

July 2, 2019 - 6:21pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

In between the recording and production and release of today’s report we sent out a trade alert to buy August gold at the market. There is no doubt we had fast market conditions and gold was trading at $1427 to $1431 when the alert was sent out both email as well as text SMS message. In fact I was in such a rush to get the trade alert out that I followed the trade alert to place a market by order with a stop placement alert roughly 5 minutes afterwards.

Today’s video will not cover the fact that we entered the long position only the parameters I was looking for to enter the trade therefore

Maintain your long August gold at $1427 - $1430

Maintain your current stop at $1408.13

Gold Market Forecast

In the 35 years that I have been a commodity broker, commodity trade adviser, trading application software developer, and market analyst I have rarely seen the kind of key reversal we witnessed in gold in the last 18 hours. The market is currently fast and active and the trade alert that I sent out occurred in between the time that I recorded the show and released the show postproduction. This is an extremely rare occurrence all traders should be long August gold with an appropriate stop at 1408 13.

Sentiment Indicator:
Gold -> Bullish
Silver -> Bullish
S&P 500 -> Neutral
Bitcoin -> Bearish
Bitcoin fundamentals by Joseph M. Wagner II:

Both the cash as well as futures BTC had moderate gains today. In the CME BTC futures are currently trading at just below $11,000 per coin, noteworthy is the recent two-day candlestick chart showing us that when BTC hit its high for the year just above $1400 in intraday trading the candle representing the 25th and 26 June is a shooting star coming after a uptrend.  Even more interesting is the following candle also a shaped like shooting star.  The latest candle is a “Hangman”. The double falling star’s and the hangman on a two-day candlestick chart of BTC futures is pointing towards a further decline in the crypto currency.

This amongst other technical indicators and are sentiment towards BTC are both in agreement with one another both pointing to a further decline over the next few days. Our target levels for BTC futures to find support and begin to trade higher from are the areas of $8500 and $6300 - $6800. Both areas are good points to get into this fast-growing digital asset, traders taking the call should initiate a small long position while withholding reserve capital to dollar cost average if BTC continues to drop.

A further decline to approximately $6500 would be the price point to add to BTC purchase or long at $8500.