The Fickle Winds Of Data

August 1, 2014 - 5:15pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

This morning we sent out a special trade alert with a recommendation to our subscribers to enter long positions in gold.

Maintain current long position in gold at 1294.30
Maintain current stop in gold below 1278

Gold Market Forecast

This week began as a real continuation of the downward spiral witnessed last month in gold prices. The price of gold traded to an intraday low yesterday of 1278.

This corresponds to a 61% retracement of the most recent notable rally, which moved gold prices roughly $100 higher. The fact that gold prices dropped to a 61% retracement and then quickly bounced off of those lows to trade higher was a signal that we could have seen the conclusion of this most recent correction.

Based upon that information we sent out a special trade alert this morning. Today's video will complement the trade alert: we will look at our current model and forecast a price target for our exit strategy. Based upon what happened today we really need to see the market trade higher at the beginning of next week, which would confirm our current assumptions.

Sentiment Indicator: