Gold Bounces Plus To Minus & Back Again & Again

March 12, 2015 - 5:03pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

On Tuesdays's video report we detailed our current trade alert. Unlike past alerts in which we either bought or sold at the market, this strategy is only implemented when defined parameters are met. We recommended that you sell gold if we ssaw prices break below identified and critical levels of support.
Gold in fact traded lower. 

Trade Alert: sell gold on a break below 1158 – 1154. Place protective stop above 1165. 

Yesterday morning we went short @ 1156 

Maintain current short @ 1156 and maintain stop above 1165

 

Gold Market Forecast

There’s no doubt this has been a most interesting week in the markets in general. Just the other day the equities markets traded so drastically to the downside that they had given up all of their recent gains in 2015. Today’s dramatic upside move in the equities markets took back all of the losses seen in 2015. The equities markets seem more like a roller coaster ride which continually moves to a higher plateau. Crude oil prices were dramatically lower. The U.S. dollar gave back a little bit of its gain but is still a powerhouse to be reckoned with as it moved to a 12-year high yesterday.

All of these markets above brings us to our current outlook and forecast for the precious metals markets. When we look at current gold prices we continue to see dramatic downside pressure being placed upon the precious yellow metal. We believe that there is still dramatic downside potential, but the real question is whether gold prices will test the recent lows at 1130 and if so, how they will react from there. My current belief is that without dramatic changes in the fundamental factors, which have been applying bearish pressure to gold, we will continue to see the potential for lower pricing.

Today’s video report will not only detail our current trade but it will also focus upon our stop placement and I will be more specific in terms of where above 1165 I think we need to place our current protective stop.

Sentiment Indicator: