Tension

July 17, 2014 - 4:50pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

This morning we issued a buy signal in both gold and silver.
Traders that took that call entered positions at the market.

Traders should be long gold at approximately 1316 and long silver at approximately 21.23.

Therefore:

Maintain your current long position in gold at 1316,
maintain stops below 1298.
Maintain your current long position in silver at 21.23,
maintain stops below 20.64.

Gold Market Forecast

Yesterday we spoke about a candlestick pattern, which if completed and confirmed, would trigger a buy signal in gold and possibly silver. Of course this trigger was technically based as it looked at a pattern labeled a "piercing line."

During yesterday's show as well as in our written commentary we spoke about the criteria and parameters needed to create the pattern, as well as the criteria needed to complete the pattern and trigger a buy signal.

Based on tragic events today this signal was triggered when this pattern was confirmed with a dramatically higher price in both gold and silver. Rather than wait for the day's trading to complete, which is typically when we would issue this signal, following the dramatic spike and a small retracement off the highs of 1324, we issued the signal when gold was trading at 1316.

Today's video will review the pattern as well as our signal and speak briefly about our exit strategy and price points that we are looking to achieve.  

Sentiment Indicator: