Can The Leaders of the Two Superpowers Find Common Ground?

November 30, 2018 - 6:08pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

Wednesday, Novemeber 28 we went long December and Febuary Gold.

Maintain Long December gold @ 1218.80  and stop @ 1204.13
Maintain Long February 2019 (GC G19) and stop @ 1210.13
Gold Market Forecast
Wednesday’s strong upside move which occurred immediately following a statement from the federal reserve Chairman Jerome Powell in which he had a much more dovish demeanor than last month, the fact that we are seeing the market consolidate over the last two tradig days does not surprise me.
 
At this point it will all be about the G 20 meeting which began today in Argentina and include a face-to-face meeting between the heads of the United States and China. Depending on the outcome of those face-to-face talks will truly determine whether or not we see gold spike higher or lower at the beginning of next week. My sense is that Trumps rhetoric prior to the face-to-face meeting is just that, an attempt to set a tone. But I also believe that he will want to paint a rosy picture if there is any gained ground and that would put dynamic pressure on the dollar.
Sentiment Indicator:
Gold -> Bullish
Silver -> Neutral
S&P 500 -> Bullish
Bitcoin -> Neutral