Getting A Job | The Gold Forecast

Getting A Job

February 6, 2015 - 4:58pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

P.S. Want to get my Gold Forecast that's returned 1600% since 2010 for free?  Click Here

Members section is now available for free, because 14 days has past since its publication.

Gold Forecast: Proper Action

We are flat with no open positions in either gold or silver

Our stop was hit on our long gold trade today. We got in @ 1267.50, and stopped out at 1251.50 for a $16.00 loss ($1600 per 100 oz contract)

Gold Market Forecast

As a market technician I am constantly looking at how our current technical studies reflect any dynamic changes in the fundamentals that influence the underlying stock or commodity. I look to ascertain whether new fundamental data is under- or over-compensated-for in price changes and whether this new fundamental information strengthens or weakens any current models. 

Such is the current scenario in the precious metals markets in relation to the just-released U.S. Labor Department’s nonfarm payrolls. January’s numbers released today showed stronger-than -expected growth with over 257,000 jobs created in January. 

Today’s weekend review will focus on our current Elliott wave model, and how today's price action is affecting that model. Depending on how gold prices react as we begin to trade next week will determine if our current model has the same credibility as it did prior to today’s $30 drop in price.

Sentiment Indicator: