Friday’s Deadline Will Have a Profound Impact on the Dollar

February 11, 2019 - 5:26pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We are currently Flat with no active trades.

We are looking for the proper place to re-enter the market from the long side. Although we were looking to enter a trade early this week, a strong dollar has kept gold pricing under pressure. We need to see the dollar weaken before we can say with any level of confidence that the correction in gold has run it's course, and returned to rally mode.

Gold Market Forecast

On Friday we said that recent price action has convinced us that gold will most likely trade higher next week. However, a strong dollar has changed that outlook. 

The fundamentals which could really elevate gold prices back to the highs of $1370, will be based on two events. The February 15th deadline to fund the government, and current trade talks between China and the U.S.

Therefore, we need more information before we act.

 

Sentiment Indicator:
Gold -> Neutral
Silver -> Neutral
S&P 500 -> Bearish
Bitcoin -> Bearish