Confluences

January 23, 2014 - 4:14pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We were stopped out of our short gold trade today. Short @ 1245 stop hit at 1265 - $20
No open posistions

Gold Market Forecast

We have been looking at a long-standing resistance line which began in October 2012, the last time gold traded anywhere near $1800 per ounce. Today we witnessed a strong and significant selloff in the equities markets, and at the same time a huge surge in the price of gold. Trading to an intraday high of 1266.80 gold prices surged, and as of this writing are trading just off of the size.

There can be no doubt if gold prices are able to find support in this area, today’s trading activity could be a game changer. Another significant fact is the last time the market traded to an intraday low of around 1180, gold prices rallied to an intraday high of 1435. Will history repeat itself?  My belief is that if we see significant support in this area it could very easily be.

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