Equities Earnings Foil Gold

October 23, 2014 - 5:06pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

Yesterday we sent out a special trade alert to raise stops up to 1239.50. This was done because we saw real weakness enter market.
we went long at 1244 out at 1239.50 for a loss of $4.50 (450 per contract)
We have no open position in gold or silver

Gold Market Forecast

We have spoken about the multiple outside pressures keeping gold price depressed on many occasions. Primarily the US dollars and the equities markets have been at the front of this list.

Today these two factors have surfaced to the top of the heap, as both the dollar and stocks rage to higher ground.
 
On a technical basis we observed some real weakness in gold when prices were unable to trade and close above 1250. This is what prompted my concern yesterday, and why we moved the stop up so high. As I said on yesterdays show, I expect this stop to get hit, and for gold prices to head lower. Today's show will speak of the critical importance of good risk-reward techniques, and why the are essential to profitable trading strategies. 
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