Gold Closes Solidly Above $1400 | The Gold Forecast

Gold Closes Solidly Above $1400

June 24, 2019 - 6:36pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
Maintain Long gold @ $1339.10 (current $1422)
 
This morning, Monday June 24, we sent out a TRADE ALERT Move stop from $1379.13 to $1397.13
Gold Market Forecast
Truly a historical moment with gold closing well above $1400 at $1423. On today's video report we will detail our current trade, address our current stop, and talk about why we moved the stop up.
 
On a technical basis we certainly have evidence that the market is overbought,however, the fundamentals which are driving the market higher are in essence a perfect storm which means there could be much more room to the upside. 
Sentiment Indicator:
Gold -> Bullish
Silver -> Bullish
S&P 500 -> Neutral
Bitcoin -> Neutral
Bitcoin fundamentals by Joseph M. Wagner II:

Bitcoin futures gaped up in the Chicago Mercantile Exchange once again and as of 4:30 PM EDT is fixed at $10,975. This price advance formed a gap up of approximately $1000. This gap was effectively created as the futures contract price caught up with the price surge in the cash market this weekend.

One thing to consider on a short-term technical basis is the daily candle which can be identified as a long legged doji. A doji can indicate a potential top in the market, however it can also indicate a simple rest area, a point in which a new price high is consolidating.  

We will have to see what candle forms after today’s doji, to determine if today’s candle could be indicating a key reversal or simple consolidation. The weekend surge which took bitcoin above $10,000 was something we believed had a high probability of occurring. Friday’s action included an intra-day high slightly above $10,000, however bitcoin closed just under that price point.

Lastly the recent intraday high in BTC futures is right below the 2.618 Fibonacci extension that sits at $11,149. This Fibonacci extension is also showing this is a likely place we could see a reveral or correction.

Click to enlarge chart.