Telltale Signs Of A Growing Economy

January 7, 2014 - 4:29pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

Monday morning we issued a trade recommendation to enter longs in both gold and silver

Long Gold @ 1242 Stop @ 1227 Hit - $15 

Long silver @ 20.16 Stops @: silver  19.50 (Active)

 

Gold Market Forecast

Yesterday's dramatic price swing in gold was certainly a wake-up call, indicating that 2014 will contain not only volatility but sometimes extreme turbulence. I have witnessed markets moving sharply lower and sharply higher in a harrowingly short period of time before yesterday's price swing. However, what I witnessed for the first time was not only a precipitous price drop, but a mirror recovery all within a one minute timeframe. Nevertheless, this dramatic swing we witnessed yesterday was legitimate.
 
Counter trend was the term used at the beginning of the year for many of the markets we watch. Equities traded lower after a dramatic upswing last year. Gold traded higher after a dramatic fall from grace last year. Today's market activity might be a precursor to a "return of trend" scenario in which we get a continuation of price movements from last year. Today's video will detail yesterday's price swing by looking at a one minute chart as well as our current market projection in which we have identified a candlestick pattern simply known as a Three River evening star, which could in fact be signaling lower pricing in gold.

Sentiment Indicator: