Dow Drops 800 Points and Gold Continues to be the Go-To Safe Haven Asset | The Gold Forecast

Dow Drops 800 Points and Gold Continues to be the Go-To Safe Haven Asset

August 14, 2019 - 6:05pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We went long December gold today after pulling profits yesterday. In at $1474.40 and out at $1496.13 for a profit of $2,173.00 per comex contract. 

We sent out this TRADE ALERT: After trading to a high of $1534.90 today gold has taken a small dip and is currently only up $9.90 at $1524. We are recommending the initiation of a long position in the December contract at market. We are also recommending that you placed a protective stop at $1496.13. 

Maintain Long December Gold @ $1524 and Maintain Stop @ $1496.13

 

Gold Market Forecast

Although we pulled profits yesterday when are protective stop was hit, my long-term forecast is still looking for higher gold pricing. It is because of that that I have effectively looked for any kind of small dip in today’s gold prices so that we could effectively initiate a long position at the best possible price given the current market forces.

On today’s video report I will demonstrate the short-term charts which we use for entry points. This video will also cover recent market activity and our current target and exit strategy.

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

The coin gave up 7% today hovering above the $10,000 level sitting at $10,180 and futures markets and $10,160 in the cash market. It’s appearing as though markets are trading on technical factors in a market recently devoid of fundamental catalysts for the first time in a long time.

One interesting facet is the previous inverse correlation between BTC and the S&P 500 was not witnessed today in fact, the S&P is sitting nearly 3% lower at 2840 points. The Chinese flight from cash argument can still be plausible as has gained value over the last two days while BTC has been dropping. Technically things have turned bearish in terms of breaking below support yesterday at the 10 day moving average and today at the 21 day moving average with the RSI dropping to 50 and a deft cross between the five and 10 day moving averages. Support is currently at $10,000 and that is a price point that must be held in order to avoid a much deeper decline.