Powell’s Sets the Tone for up Upcoming FOMC Meeting

July 11, 2019 - 5:52pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
We sent out a TRADE ALERT upon the open of New York Friday, July 5th.  This after gold sold off to the tune of 30.00.
 Yesterday we sent out a trade alert to move stop to $1411.13
 
STOP was Hit today in New York
 Long August Gold @ $1391.30  
Out @ $1411.13 for a
profit of  $1983.00 per contract.
 
WE ARE CURRENTLY FLAT with no active trades
 
 
Gold Market Forecast

it is all about the two day's of testimony to Congress by the Chairman of the Federal Reserve.Todays show will wxplain why we moves the stop up , and what we plan on doing next.

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

BTC futures are lower for the second day in a row. This created a compression of range with a lower low as well as a lower high. In fact, we can identify candlestick pattern called an Engulfing Bearish which indicates a further price decline is likely.

For now, we are labeling moderate support at $10,000, which is the .38% Fibonacci retracement level. Below that is the 23% retracement level ($8995). Resistance currently sits at approximately $12,650 and if this price is taken out than $14,000 is not out of the question for now.

The “engulfing bearish” pattern seen today is the result of a  $500 drop in the CME’s futures contract today’s drop confirmed this bearish reversal candlestick pattern.