And This Time We Mean It (Really) | The Gold Forecast

And This Time We Mean It (Really)

June 19, 2014 - 5:45pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

Early this morning in Hawaii we sent out a special trade alert in which we noted that we had a defined breakout in both gold and silver. Our comments then were: if we see gold prices stabilize at and above 1300 we will quickly issue a buy recommendation.

We got just that and roughly 15 minutes after, we sent out a trade alert with a specific buy recommendation for both gold and silver.

Maintain your current long gold position at 1303
Maintain your current long silver position at 20.61

Stops: (we will look to tighten stops on Friday, or Monday at the latest)
Gold stop just below 1285
Silver stop just below $20 

Gold Market Forecast

Over this last week we have spoken about the multiple factors which are currently influencing the precious metals markets, possibly coalescing into a perfect storm scenario.

Geopolitical uncertainty in Iraq, an upwardly revised consumer price index, and the Federal Reserve announcement that interest rates may begin to move higher - but not for some time, all intertwined as we witnessed gold climb over $40 today.

The key number we were looking at was 1288, which on a technical basis would be the first point in which we could assume that the current rally in gold was more than a counter trend, and that the bulls had finally gotten the football and were running downfield. The question of how far they can run this football will be our primary topic on today's video report. We will not only explore current support and resistance levels but more importantly take a look at our current strategy and target for this trade.

Sentiment Indicator: