Did You Hold Onto Your Money Today?

January 28, 2015 - 4:32pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We are currently flat with no open positions in either gold or silver

Stop hit and profit taken in long position in gold. In @ 1217.50. out  @ $1272 ($ 54.50 per oz. or $ 5450.00 per contract)

Stop hit and profit taken in long position in silver. In @ 16.54 out @ $17.54 ($1.00 per oz or $5000.00 per contract)

Gold Market Forecast

It is never a dull Wednesday when the Federal Reserve speaks. Today was no exception. Trading activity moved the equities markets lower, crude oil lower, precious metals lower and the U.S dollar higher. Although much can be made on a fundamental basis for comments and statements made by the Fed today, on a technical basis we make the following observation: we expect to see continued short-term pressure in the precious metals markets.

We have updated our trading portfolio and marked ourselves out of our last long position in gold. Even though we were stopped out roughly $12 lower than current market price we were able to pull a substantial profit out of the market. Our first trade in gold netted us well over 100% return based upon the current margin of $4000 per hundred ounce contract of gold. As we are currently flat with no open positions, today’s show will detail our current strategy.

We will outline specific parameters necessary for us to initiate either long or short positions in gold and silver.

Sentiment Indicator: