The Iraq Surprise | The Gold Forecast

The Iraq Surprise

June 12, 2014 - 4:57pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

Maintain long gold at 1253.20
Maintain long silver at 19.03


Today's video will discuss exit strategies. We will look at and weigh the pros and cons to these techniques:

The first technique is to put a price order in between 1283 and 1285. The second technique is to simply trail stops below the lows of the last three trading days.

We also discuss silver's upside potential in today's video. 

Gold Market Forecast

Today's dramatic price rises in both gold and silver have absolutely signaled a continuation of the upside rally which began last week.

Over the last few days we have been talking about the different types of rallies that can unfold when we see a market moving higher. This current rally in gold has been really characterized by price spikes followed by short periods of consolidation.

This to me is the most stable of all rallies in that each time we have price moving higher, we get a sideways market rather than a market which corrects in a stair step manner.

We have moved above our first target, in gold which was sitting at 1262. As you know it was my belief that we should have no difficulty moving above that price point. Today's higher pricing certainly affirmed that assumption.

We are now looking at current resistance in gold between 1283 and 1288. That is based on two factors. The first factor is a 50% Fibonacci retracement, which occurs at 1288. The second factor is that as the market was trading sideways last month, the real bodies on a daily and weekly chart seem to find support at that price point before breaking hard to the downside.

Sentiment Indicator: