Gold and Silver Prices Explode to the Upside | The Gold Forecast

Gold and Silver Prices Explode to the Upside

August 7, 2019 - 5:39pm

 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
Today 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 have anticipated gold pricing broke solidly above $1500 per ounce in trading today, taking the precious yellow metal to a high of $1522 before short-term traders pulled profits. Profit taking took gold pricing basis the most active December futures contract to $1508 before recovering, and as of this writing is trading at roughly $1513 per troy ounce. We expect both gold and silver pricing to trade higher, but at the same time trade with an extended exaggerated price range due to increased volatility.

The key to the upside potential on this rally is closely tied to the fundamental factors that have moved precious metals higher. The current trade war and the real potential for new tariffs to be implemented on September 1, and continued global central bank monetary easing have created a perfect storm scenario for both gold and silver pricing. On today’s video report we will detail our current trade, we will speak about the rationale behind moving our stop to $1496.13 per ounce, and finally begin to speak about are exit target and scenario.

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