Gold Closes Higher but Lags Behind Other Precious Metals | The Gold Forecast

Gold Closes Higher but Lags Behind Other Precious Metals

July 15, 2019 - 6:19pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

Today we sent out a TRADE ALERT to buy August Gold

Maintain Long @ $1416.20, and Maintain stop @ $1409.13

Gold Market Forecast

Today's video report and repcap clearly spells ouy my current market sentiment: Bullish. Gold broke higher after recording the show and is now trading around $1418 - $1419

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

Bitcoin futures are trading well below its 10-day moving average, in fact BTC #F has not been this far below its 10-day M.A since November 2018 which happens to be 3 months before changing from bearish to bullish and soon after extremely bullish.

Bitcoin has seen a lot of contradicting statements from the U.S. Government as well as the FED and the FEC. Last Thursday Trump tweeted, ““If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National […] and International.” 

Today the U.S. Treasury Secretary Steve Mnuchin followed up with a statement reiterating his boss’s view stating, “Libra could be misused by money launderers and terrorist financiers,” Mnuchin said, using money laundering, terrorist financing, extortion, human trafficking, drug trafficking and tax evasion as examples of crimes that could be facilitated by cryptocurrencies and Libra. He added, “This is indeed a national security issue.”

On the other hand or other branch so to speak Federal Reserve Chairman Jerome Powell said he can envision a return to an era where multiple currencies are in use in the United States. Also adding, “Almost no one uses bitcoin for payments, they use it more as an alternative to gold,” he said Thursday afternoon. “It’s a speculative store of value.”

So although there has been a negative effect from the President and his people on his board labeling cryptocurrencies as black market money laundering tools and nothing more. The Fed Chairman does not see it this way and I Would tend to lean towards Powell’s views over Trump’s when concerning monetary issues of which BTC certainly is.

None of this changes our outlook however because we have been looking for pricing to retest the $8,500 level and even a possible test of the $6,300 - $6,800 level.