Gold Consolidates but Bullish Market Sentiment Continues | The Gold Forecast

Gold Consolidates but Bullish Market Sentiment Continues

August 8, 2019 - 5:47pm

 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
On Wednesday August 7th 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

Since the correction ended at the end of 2015 and the beginning of 2016, the immediate rally which followed it traded to a high of $1370 per ounce which created an unbreakable ceiling for the three years that followed that move. Although gold traded with a consistent series of higher lows each attempt to break $1370 was unsuccessful up until a couple of months ago. It would not be till June of this year that for the first time following the end of the multiyear correction gold not only broke above $1370 but also above $1400 per ounce.

However, it is this month that is most significant in that yesterday gold finally breach $1500 per ounce. This current rally has resulted in substantial gains and could continue or and at any point. As we spoke about in the recap letter and today’s video report projecting where gold could trade to on this current rally is difficult at best. That being said on today’s report we will set various parameters and discuss our current model which uses Elliott wave and Fibonacci extension to forecast where we could see gold pricing go to by the end of this year the beginning of next.

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