Dissent And Debate | The Gold Forecast

Dissent And Debate

March 21, 2014 - 4:21pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We pulled profits on our gold trade earlier this week. Yesterday we issued an Aggressive buy signal in both gold and silver. This trade has high risks in that we are trying to get into the trade a little early. Stops therefore need to be tight to maintain low risk exposure.

Maintain long gold @ 1333 stop just below 1320

Maintain long silver @ 20.35 Stop Just below 19.75 

Gold Market Forecast

Although we have seen dramatically lower pricing in gold and silver throughout the week, yesterday we received our first technical clues that the bearish faction might be running out of steam. Considering that gold was trading at an intraday high of 1390 at the beginning of this week, we have in fact seen a strong round of profit taking occur. As I said in yesterday’s market forecast, it is been my opinion that it wasn’t so much if a round of profit taking would occur, but when and at what price point would occur. Since beginning of 2014 we have witnessed gold prices move roughly $200 higher. With that in mind this $60 retracement this week was not only expected, but I believe healthy.

However we are still getting mixed signals as to the status of this current retracement. Of course the long-term charts are still showing a bearish tendency, but the short-term studies are showing a potential pivot point or bottom in this market. Today’s show will detail three components. First we will look at our trade which we concluded midweek. Secondly we will look at our most recent signal that was issued yesterday along with the technical studies that prompted the call. Lastly we will look at our forecast for next week.

Sentiment Indicator: