The Iceburg

April 15, 2014 - 4:40pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

GOLD STOP RAISED YESTERDAY TO BELOW 1310 … Stops were hit today
 
long gold @ 1308 out at 1308
long silver @ 20.06 Stop hit at 1950  

Gold Market Forecast
Today's dramatic downside move took many traders and investors by surprise. It was coupled with the fact that the selloff occurs exactly one year to the day that gold prices witnessed the largest single day plunge of 2013. 
 
Our current model was looking for gold to rise to anywhere between 1333 and 1362. Yesterday's intraday high fell 50 cents shy of our bottom number of 1333. I anticipated seeing gold prices continue to move a little higher into our predictive range. Obviously that was not the case as the correction began just as it hit our first benchmark. 
 
Luckily we had raised our protective stop to our entry level and therefore had a zero gain or loss on this last gold trade. With a three-day weekend ahead, we could see gold prices continue to fall to as low as a 61% retracement of the most recent rally. With that in mind our current strategy is to look for confirmation and a conclusion to our current corrective wave "2", as it now seems we are in the final "C" wave. That should conclude the current correction.
Sentiment Indicator: