Slipping Out Of February | The Gold Forecast

Slipping Out Of February

February 28, 2014 - 4:09pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

On Wednesday we raised our protective stop in gold to below 1326. 

 We went long at 1258 - 1266, or an average price of 1262.

Yesterday we covered our long gold at 1325 (1325 -1262 = + $63.00)

Profit per 100 Oz. contract is $6300.00

Gold Market Forecast

This was a most interesting week in the precious metals markets. Although gold prices climbed to a new four-month high, they did so with a rather large caveat. The highs in gold prices seen both this week as well as last week were new price highs, however not only was there not follow through in these rallies, when you look at the individual weeks, both weeks had tight ranges and closed very near the open of the week. The weekly candlesticks that formed are called “doji” candles. They are significant in pointing out potential pivot points and reversal points in the marketplace.

As our initial target for this most recent rally was 1329, we saw that target hit as this week’s intraday high was 1346. It is our belief that we will most likely see a little bit of weakness in the market, and today’s video will look at support levels that prices could fall to. With that in mind we will also lay out our strategy for the next two weeks detailing specific parameters necessary to trigger our next trade. 

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