Dollar Hampers Regular Trading Surge In Gold | The Gold Forecast

Dollar Hampers Regular Trading Surge In Gold

March 19, 2015 - 4:29pm

 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:

"Engulfing bullish pattern confirmed on today's candles in both gold and silver Buy Gold @ market stop below 1160 (1170 current) Buy silver @ market stop below 1575 (16.13 current)"

Maintain long gold @ 1170 Maintain stop below 1160

Maintain long silver @ 16.13 Maintain stop below 15.75

Gold Market Forecast

Once again it’s all about the dollar. Yesterday’s dramatic decline in the dollar converted to a double-digit rise in gold prices, with gold increasing over $20 per ounce. However the real net change for gold yesterday was a -2.20, with the dollar weakness increasing the real value of gold.

Today were seeing an exact reversal of yesterday’s action. Gold is currently trading up roughly $4.50 on the day to trade at 1171.40. When we look at dollar strength we must subtract $17.85 (-1.53%) from the price of gold. However, when we factor in the net change of gold prices due to normal trading we need to add $22.35 (1.92%). Obviously gold’s rally has been reduced due to dollar strength.

This morning we did issue a buy recommendation in both gold and silver. Today’s report will detail the specific parameters we saw that precipitated our buy trigger. We will also look at upside targets for our current trade.

Sentiment Indicator: