Rumble In Eastern Europe | The Gold Forecast

Rumble In Eastern Europe

April 24, 2014 - 4:27pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

This morning we sent out a special trade alert:

BUY GOLD AT THE MARKET 

After hitting a low to the 61 % retracement level and a double bottom we have identified this pattern: a “Three River Morning Star”.

This is an aggressive buy signal.

 Conservative traders should wait until this pattern confirms which would be: Tomorrow’s candle must be green with a higher high, and a higher low

Please note stop placement correction: Place stop below today's low  of 1268

 

Gold Market Forecast

We were looking for technical evidence that this current correction has run it’s course. Today we got just that. First we had a wild trading range taking gold prices to an intra-day low of 1268.78. This is just a few dollars shy of our projected target of 1262. Second we have identified a “three river morning star ” candlestick pattern. If you recall from yesterday’s show, we were looking to see if this 3 day pattern would emerge from the current action in gold; it did indeed un fold today. On today’s show we will detail the buy signal we issued and discuss what is needed to turn this aggressive buy signal into a conservative signal 

Sentiment Indicator: