Gold Continues in Rally Mode for the Third Consecutive Day | The Gold Forecast

Gold Continues in Rally Mode for the Third Consecutive Day

August 6, 2019 - 5:56pm

 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 to $1440.13
Maintain long gold at 1474.40 and stop at $1440.13
Gold Market Forecast

Although the selling pressure in US equities abated today with the Dow Jones industrial average recovering half of those losses’ gold continued to gain ground. Gold gained roughly $10 in trading today and is in striking distance of $1500 per ounce. One of the key factors to today’s gains is the higher probability that the Federal Reserve will initiate more rate cuts this year. Today’s video report will detail our upside target as well as our thought process behind how we will raise our protective stop.

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

Bitcoin futures are flat today with the most active contract on the CME trading down $75 at $11835 as of 4:30 PM EDT. One aspect that is noteworthy is the low volume in the CME and we can attribute this to online exchanges offering futures and gives traders the ability to leverage their position up to 100 times, something the CME does not offer only allowing leverage of 2 to 1.

There is also other bitcoin futures exchanges set to be open soon such as Intercontinental Exchange’s Bakkt and TD Ameritrade-backed ErisX. Last month LedgerX announced it would be up and running but later had to take back that claim due to issues with the CFTC. When LedgerX does become live it will be the first and only futures exchange to settle in real BTC.

With no were else to go it seems traders are more and more trading through online vendors such as Bitfinex, Binance, Kucoin, Cyrptorocket and more leaving the CME with low volume after just hitting an all-time high for open contracts in May it has since declined steadily. The overall volume in BTC has stayed above $15 billion for the most part so obviously traders have largely decided to go elsewhere, to platforms allowing more options in leverage and pairings.