Gold and Silver Trade Sharply Lower on Trade War Talks | The Gold Forecast

Gold and Silver Trade Sharply Lower on Trade War Talks

September 5, 2019 - 7:15pm

 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. Today we were stopped out of our long silver trade that we entered yesterday. We went long at $19.64 and our stop was hit at $18.71 for a loss of $0.93 per ounce.

Gold Market Forecast

The fundamentals behind today’s sharp selloff were twofold with a robust ADP jobs report coming in at 195,000 new jobs added in August, and the announcement that the Chinese will go back to the negotiation table in October of this year. The real question is is this the beginning of a major decline in both gold and silver or will they quickly find support and move higher. The answer to that question can only be determined over time.

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

Once more BTC futures have fallen below the $10,700 level which has been resistance for the last few weeks up until this Tuesday in futures or Monday night in spot. It was this price point in which we had stated a break above would make us bullish on BTC. The break above it was so minor (less than $100) that made us hesitant to view this as a breakout however Tuesday’s 12% climb in futures brought pricing above what we are labeling support at $10,340 the 38% Fibonacci retracement and pricing is still holding above this support level.

A break below $10,340 could indicate a fall to as low as $9138. The 50-day M.A has been active resistance for the last three days but it is likely to overcome this hurdle by as soon as tomorrow and that could spark a rally taking prices to $11,000.