Both Gold and Silver Find Their Groove | The Gold Forecast

Both Gold and Silver Find Their Groove

July 17, 2019 - 6:17pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We just issued a trade alert recommending the initiation of a long position in August gold. This trade alert was sent just prior to the release of today’s video report. Gold is currently trading at $1428 to $1429. We are recommending the to put a stop at 1401.13, which is below today’s low.

Maintain long gold position at $1428 - $1429

Maintain protective stop at $1401.13

Gold Market Forecast

Today’s video report was put out just prior to the release of our trade alert. The reason for waiting was to see if there would be follow-through buying once the market reopened in Australia which is just occurred. Based on today’s strength in the market and the fact that he closed above a long-standing resistance line it is our belief that this particular price point should become support. However we placed our protective stop below today’s low in case there is any backfilling.

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

Bitcoin is seeing a signs that this current correction we are witnessing may be coming to an end and the bulls are finally showing some strength in the spot markets in terms of volume. Volume is cash markets were increasingly high in percentage of withdrawals versus deposits on many major exchanges yesterday this trend however is now lessened to some extent as witnessed on a monthly chart over the last day there has been a small spike in volume without a correlating drop in pricing.

In the CME’s BTC futures contract pricing is flat on the day. Today’s candle looks very similar to the rickshaw man we saw on the 15th of this month, this doji was at a more critical level and since the bulls lost control and failed to hold $11,000 technically speaking this is likely just a rest area before prices see a further drop.

We have Support pegged at $9,143 which happens to be today’s low as well as the 50% Fibonacci Retracement level. Expect to see$8,500 and below that at $6,300 - $6,800. Resistance for now is at $10,300 the 38% retracement and above that is $11,000.