Gold Trades to Highest Yearly Value Before Trading Below $1500 and Recovering | The Gold Forecast

Gold Trades to Highest Yearly Value Before Trading Below $1500 and Recovering

August 13, 2019 - 5:19pm

 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. Today our stop was hit when market events moved gold futures below $1500 to a low of $1488.

On Monday, August 5th, we Bought gold at $1474.40.
On Wednesday August 7th we raised our stop from to $ 1496.13
In at $1474.40 and out at $1496.13 for a profit of $2,173.00 per comex contract
Gold Market Forecast

Gold traded dramatically higher in overseas trading last night taking it to its highest value this year. However, the market sold off briskly when the office of the United States trade representative issued a statement that they would delay the additional 10% tariffs on the remaining $300 billion worth of Chinese imports until the middle of December.

Although the selloff was dramatic the recovery was even more impressive. Now that we have pulled profits on our last trade we want to see if today’s action is marking the beginning of a correction, or if it simply a one and done price pullback that will be followed by gold returning to its rally mode. That being said we want to spend the next day or so letting the dust settles and observing how geopolitical events are affecting gold pricing.

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

New Zealand announced that starting September 1 businesses can begin to pay their employees in a preferred cryptocurrency pegged to at least one fiat currency (Bitcoin), a great step toward the adoption of the digital currency. The news that Trump will delay tariffs until December 15 was announced by a tweet that took the S&P about 1 ½% higher. Recently there has been notice of an inverse correlation between the S&P 500 and BTC today’s announcement that took stocks higher also took bit coy below 11,000 for the first time since August 4.

Currently in the futures markets BTC is trading down over 5%, down $610 at $10,950. Before the tweet by President Trump BTC #F holding on to the $11,000 level, our .38% Fibonacci retracement level sat at $11024. Today’s trading in the CME “filled the gap” that was created 8 days ago in which trading over the weekend from August 3-4 and was expressed on Monday August 5 with a jump of nearly 12%. After filling this gap on a daily candlestick chart pricing has been just under $11,000 not quite able to breach the level it held for more than a week.