Gold’s Daily High Matches the Lows of November 2011 | The Gold Forecast

Gold’s Daily High Matches the Lows of November 2011

August 12, 2019 - 6:23pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
On Monday, August 5th, we sent out this email: Trade Alert: Buy December Gold at The Market. Small dip in gold prices have taken futures off of the high today of 1481.
Buy gold AT THE MARKET current is $1474.40. Stop @ 1410.13
On Wednesday August 7th we sent out a trade alert to raise our stop from $1440.13 to $ 1496.13
Maintain long gold at 1474.40 and stop at $1496.13
Gold Market Forecast
As we said on Friday ...  this month that is most significant in that last week gold finally breached $1500 per ounce. This current rally has resulted in substantial gains and could continue or end at any point. Today the high went to the lows of November 2011, for the first time since the multi-year correction ... THIS IS BIG !
On today’s report we will set various parameters and discuss our current model which uses Elliott wave and Fibonacci extension to forecast where we could see gold pricing go to during this leg of the rally
Sentiment Indicator:
Gold -> Bullish
Silver -> Bullish
S&P 500 -> Bearish
Bitcoin -> Neutral
Bitcoin fundamentals by Joseph M. Wagner II:

BTC futures via the CME are trading down roughly 3% or $380 currently at $11,565 as of 4:30 PM EDT. Using a short-term data set going back to highs reached on June 26, to lows achieved on July 17 it appears as though throughout last week BTC could not break through the .618% Fibonacci retracement at $12,235. Today pricing opened just at the 50% retracement ($11,635) and has since traded slightly lower.

Mixed signals involving regulatory talk and institutional adoption so far have done nothing more than cancel each other out leaving the market and traders to act on technical aspects while they remain all ears for any new fundamental breakthroughs, especially regarding government regulation/prohibition of the world’s largest digital asset by market cap.