Profit-Taking, Oil and Immigration | The Gold Forecast

Profit-Taking, Oil and Immigration

October 24, 2013 - 1:19pm

 by Gary Wagner

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Gold Forecast: Proper Action

This morning we sent out a special trade alert recommending that you enter long positions in both gold and silver.  

Entered Long gold @ 1332,20 Stop Below 1309  

Entered Long Silver @ 22.60 with stops below 21.84  

Gold has been moving higher in a stair step. As we said yesterday, look to enter on a dip.

With gold trading about $6 dollars lower today, we advise to enter the market from the long side with a market order to buy (Buy @ market)  

THEREFORE: Buy gold @ the market (current 1332.20) with stop below 1309.50.   

Reserve capital to add to long on any dip to 1320 (dollar cost avg).   

Buy silver @ market Stop Below 21.84

Gold Market Forecast

Although gold is trading moderately lower today, we still believe it is in a defined up trend. We have seen gold prices move higher in an interesting pattern. Gold prices seem to advance with a moderate to strong spike in price, which is followed by a short period of consolidation. In today's video we will detail our current trades strategy. 

We will outline our upside objective using trend analysis as well as
Fibonacci retracement. We will define our rationale behind our current stop placements.

Sentiment Indicator: