Friday's Indecision

October 17, 2014 - 5:11pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We went long at 1208

Yesterday we raised our stop to 1233. This morning our stop was hit with $25.00 profit ($2500 per contract)

We currently have no open positions in gold or silver

Gold Market Forecast

The primary factors moving gold prices lower were the U.S. dollar and the U.S. stock market. We did see, of course, a nice upside pop in gold prices when both the dollar and stock market retreated over the last 2 weeks.

 

That being said, I now see a potential turnaround in U.S. stocks and the dollar. If that in fact comes to pass, then we might see some weakness in both gold and silver pricing.

 

It was for that reason we raised our gold stop to 1233. After hitting our trade target at 1251 (1249 was the intraday high), gold prices backed off. We will go into the weekend flat and look to re-enter the market next week.

 

Herbert Hoyle, a very successful stock trader in the 1950's, was asked: "Why, when so many others fail, do you consistently find profitable trades?" His answer was simple and straightforward: " I always sell to soon."

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