Battle Royale | The Gold Forecast

Battle Royale

February 26, 2015 - 4:42pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

Last night we sent out a trade alert to buy gold at market and place protective stop below 1190

Maintain current long gold @ 1211 however ... Move stop UP to just below 1204 

Gold Market Forecast

Over the last week or so we have talked about a candlestick pattern that was potentially unfolding, which we identified as a “Three River Morning Star”. Last night we saw gold actively trading higher which created a confirming candle to the pattern we identified.

The trade alert we sent out read as follows: “Gold is currently trading between 1210 and 1213. My only concern is if the market will remain trading near the highs.  Buy Gold @ market Stop below 1190 (low of the double stars).”

However once trading moved to New York, gold prices began to back off of their highs. This is largely attributable to the dynamic strength of the US dollar. That being said today’s report will detail our current trade, but more importantly make a recommendation to trail our current protective stops up, thereby limiting our downside risk on this trade. See proper action below for specific details.

Sentiment Indicator: