Ruminating

May 8, 2014 - 5:11pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

Maintain long if you were not stopped out today. Enter long gold if you were

Maintain long gold (1292 or 1300) if you were not stopped out today. Re-enter long gold if you were stopped out.

Please refer to Market Forecast above and to today's video for the rationale of this move.

Stops should be adjusted/placed below 1283.

No open position in silver.

Gold Market Forecast

After the dramatically lower pricing we witnessed in gold yesterday, today’s trading range and volatility have contracted and are showing signs of consolidation. This is a direct result of a market take is adding and subtracting safe haven premium on any news which emerges from the Ukraine-Russia crisis. Yesterday’s sell-off was due largely to a statement made by the Russians in which they said that they are moving their troops from the Ukraine-Russia border. In the most recent news reports we now hear that there is no evidence of that.

That brings us to our current trade. We suggested raising the current stop to below 1287. Today’s low was 1284.60, so some subscribers were stopped out with a small loss. In the video today, I suggest those who were stopped out reenter the long trade.

The reason for this is that if we see an escalation Friday or over the weekend, we could easily experience gold prices spike again.. 

Sentiment Indicator: