Gold and Silver Prices Continue to Drop | The Gold Forecast

Gold and Silver Prices Continue to Drop

September 9, 2019 - 6:10pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We are currently flat with no active trades in gold or silver. That being said read the market forecast for our parameters we are looking for to enter or next trade.

Gold Market Forecast

Although we have no active positions on today’s video report, we will detail areas in which we believe could be potential pivot points or key reversal points in both gold and silver. Of course, any trade alert is to be sent out via email as well as SMS text message.

Sentiment Indicator:
Gold -> Neutral
Silver -> Neutral
S&P 500 -> Neutral
Bitcoin -> Neutral
Bitcoin fundamentals by Joseph M. Wagner II:

BTC futures on the CME are currently trading at a fractional loss today of 0.86% and as of 4:15 PM EDT are trading above $10,000 at $10,370. Although the rally We are expecting to see has not yet taken off we are still 15 days away from the September 23rd launch of Bakkt and the fact that Bitcoin has held $10,000 is significant. More importantly is the fact that BTC futures held above $9,500 on a closing basis ever since June 20th when it broke above this level and hasn’t looked back.

The 50-day moving Average is still acting as resistance and it is flirting with support at $10,340 the .38% retracement. Right below this retracement is the 10-day M.A and if we take a look at the 10 and 50-day M.A we can see that these two averages are in a bearish alignment. Meaning the longer 50-day is above the shorter 10-day, we want to watch these to indicators closely because the last time they were in a bullish formation was Feb.19th less than two months of sideways trading followed this before a fast paced rally that took pricing nearly to $14,000 per Bitcoin all while these two averages were in a bullish formation. They crossed back to a bearish alignment on Aug. 20th. If we see a golden cross of these averages it would signal a bullish rally is all the more likely.