Hardly Working | The Gold Forecast

Hardly Working

January 10, 2014 - 4:39pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

This morning we sent out the following trade alert:

We were looking for an entry point to sell gold and silver. Following a weaker than expected jobs report gold is up 19 dollars just shy of current resistance at 1249

Currently gold is at 1245 and silver is at 20.11

Sell at market 

We are short gold @ 1245 Gold buy stop @ 1265

Short silver @ 20.11 Silver buy stop @  20.51

Gold Market Forecast

Today’s weaker than expected jobs report sent the precious metals into a significant rally. Moving the market roughly $19 to the upside gold was able to trade to an intraday high of 1249. This price point in gold is a significant in current area of resistance.  This price point also lines up with the bottom or start of wave two, which is part of our sub count composing in intermediate fifth wave. For our wave count to remain current in valid the current high of 1249 cannot be breached. With that in mind we recommended a high risk trade which was to sell both gold and silver at the market this morning. Today’s video will detail current resistance levels above are entry price as well as detail our exit strategy.

Sentiment Indicator: