$320 Billion Budget Deal Yields Stronger Dollar, But for How Long | The Gold Forecast

$320 Billion Budget Deal Yields Stronger Dollar, But for How Long

July 23, 2019 - 6:43pm

 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.

Yesterday we trailed our stop higher to $1415.13. That stop was hit today resulting in a loss of$13.37 per ounce, or $1337 per contract.

Gold Market Forecast

Market technicians are plagued by the fact that their decisions are based for the most part upon lagging indicators. As such we are not aware of a market top until a pivot or key reversal has taken place and the market trades Lower from that price point.

Such is the case in gold when on Friday pricing achieved the highest value this year. There would be a lag between the market top and when we could correctly identify that a correction had begun. It was evident on Monday that it was highly probable that or correction was in play.

On On today’s report we will focus on our targets for the conclusion of this fourth wave correction and beginning of a final fifth wave up when I believe gold will hit our target of $1480 per ounce.

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

Bitcoin continues to consolidate at the $10,000 level which seems to be more of a resting point for both futures and spot markets. Although on the pricing charts BTC seems to be losing momentum and one might assume looking at the charts that there are no new fundamental milestones in this digital asset but that assumption would be wrong. Looking at BTC and its infrastructure, protocol and network are continuing to develop and upgrade in some pretty major ways. For one if you were to compare bit coins network computing power back at its all-time high in 2017 to current day you would see that it has grown faster by 800%. Add to that big coin has never been as secure as it currently is one tool used to measure its transaction security is its cash rate.

According to Corning telegraph.com, broadly accepted as a measure of how robust Bitcoin’s transaction security has become, hash rate has broken multiple records in recent weeks and months. As Coin telegraph reported, “More recent all-time highs had come around June 21 (65 trillion TH/s) and July 1 (70 trillion TH/s).