Re-Re-Re-Thinking Yellen | The Gold Forecast

Re-Re-Re-Thinking Yellen

March 24, 2014 - 4:51pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We issued a very aggressive buy trigger last week. This high risk trade was entered from the long side at 1333. Our stop, just below 1320, was executed this morning at 1319 at a loss of $14.

Maintain long silver and maintain stop at just below 19.75.

Gold Market Forecast

As mentioned in our opening letter there are many experts with multiple explanations for today's double-digit selloff in the precious metals markets. Over the last few weeks we have been speaking about this dramatic rally at the onset of 2014 and how at some point it would run out of steam, and how profit-taking would result. That is exactly what we witnessed last week as the market traded close to but was unable to trade above $1400 per ounce, and then began to trade lower.

This raises important questions. First has this recent correction in the marketplace inflicted any major long-term technical damage? Second, at what price point can we look for gold to begin to stabilize and find price support? These two critical questions will be the primary topics for our show.

Sentiment Indicator: