Good News Hurts

May 27, 2014 - 5:22pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We were stopped out today in our gold position. In @1292. Out @1280. Loss of $12.

No open positions in gold or silver.
 

Gold Market Forecast

Over the last three weeks we had identified the narrowing of range in the price of gold. The lower highs and higher lows created a compression triangle which was approaching the apex of that pattern. Inasmuch as we were looking for a break in price as we reached the apex, it was our belief that it could be an upside break.

However, our take changed last week, and we moved stops up on our long trade under the assumption that a price break to the downside was even more likely. This was based upon the fact that recent reports on the US economy were in improving and the fact that a peaceful election in Ukraine could cause prices to tumble when trading resumed after a long three day weekend. We see the potential for further downside with a target of 1229 to 1241. Today’s show will explore a number of studies supporting that theory. 

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