Dow to new record Highs, as gold recovers off lows | The Gold Forecast

Dow to new record Highs, as gold recovers off lows

November 26, 2019 - 5:21pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
We are currently flat with no active trades after our stop was hit today.
We went long @ $1464 to $1467, Our stop was hit  @ $1453.13 for a loss of $10.87 to $13.87 (1087.00 to 1387.00 per contract) 
Gold Market Forecast

In light of record high in US equities today, gold managed to recover off of the lows hit this morning at $1449 per ounce. What that tells me is that there are some traders that believe these new highs could be indicating a potential top in the market and are allocating part of their portfolio capital into the safe haven asset class as insurance against a possible downside move in US equities.

That being said, US equities have been moving higher on strong economic data as well as low interest rates by the federal reserve. Recent statements by Chairman Powell indicate that he does not expect to raise rates anytime soon which is a highly constructive undertone for both US equities and gold. The key is whether or not gold can hold a critical support level at $1453 per ounce.

Sentiment Indicator:
Gold -> Neutral
Silver -> Bullish
S&P 500 -> Bullish
Bitcoin -> Bearish
Bitcoin fundamentals by Joseph M. Wagner II:

BTC futures continue to wither away losing over 1% currently at $7,065 as of 3:00 PM EST on the CME. The next logical place for pricing to test support is at the .78% retracement sitting at $6,343. Resistance for the futures lies just beneath $8,000 the .618% retracement and the 200-day moving average.

Technical indicators continue to point towards a bearish outlook with extremely low RSI of 25.65. volume has also exploded to over 10,000 daily contracts on the CME today just beating out yesterday’s volume just below 10,000 contracts although yesterday’s majority was long contracts unlike today.