Data Rules

July 24, 2014 - 5:17pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

All traders should now be flat with no open positions in either gold or silver. Hopefully most traders took my suggestion earlier this week and exited both their long gold and long silver trades. For those that took my alternative strategy this week, you entered a long gold position at 1316 and exited at 1306. For those that maintain long positions you were stopped out when trading went below 1297 our initial stop recommendation

Gold Market Forecast

Today's dramatically lower pricing in both gold and silver added to the selloff that began early this week.

If you recall, in the beginning of this week, I sent out a special trade alert suggesting an alternative strategy to our current long trade. My recommendation was to take our long gold trade, which we entered at 1316, and exit at the market rather than continuing our long position and current stop placement.

In the five years that I have been producing the Gold Forecast I have only taken a stop to the market on two other occasions. The rationale behind why we recommended this will be detailed in today's video.

Based upon our current Elliott wave count, my current belief that we are in the final stages of this correction, the concluding "C" wave down. Based upon Fibonacci retracement studies the two logical points for this C wave to conclude are 1293 (a 50% retracement), or 1280 (the 61% retracement). These are the two key numbers we need to look at to determine at what point this most recent corrective wave will conclude. Most importantly upon conclusion of this correction we should enter another impulse wave that should take the market past the most recent 1331 top in gold.

Sentiment Indicator: