Gimme a 'U'!

March 3, 2014 - 4:05pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

This Trade Alert was sent out Sunday: The Precious metals market has opened with a fury as a new trading week begins in Australia. Gold is currently up $4.00 @ 1332.60 And Silver is down .05 cents @ 21.18

We could see a real jump once we hit Hong Kong trading Buy both Gold & Silver at best market price

Maintain long gold @ 1333 and silver @ 21.28

Stops: Gold below: 1316  | Silver stop below: 20.58

Gold Market Forecast

I know I’ve mentioned this many times before, but as a market technician we are sitting at the back of the boat and using the wake from the propellers to determine the direction the ship is going in. The caveat is that only the Capt. knows when he will turn the wheel. The current scenario in the Ukraine is the Capt. steering the boat.

It is for that specific reason that we modified our current strategy and went long with a special trade alert yesterday. Inasmuch as I was looking at the potential for lower pricing and profit-taking from gold’s recent rally, the captain continued to turn the wheel. One of the characteristics that we have identified in this most recent price move has been price spikes followed by dramatic but very shallow retracements.

The lower price witnessed in gold towards the end of the week was precisely that, a sharp but shallow retracement. We could have seen the conclusion of any profit taking for this last leg of our current rally. Based upon our technical analysis the intraday high today of 1361 falls dramatically close to a market top which we identified. The next level above 1361 is 1435. Today’s show will detail our current strategy and market forecast.

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