Gold Flirts with $1400 | The Gold Forecast

Gold Flirts with $1400

July 9, 2019 - 6:06pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
We sent out a TRADE ALERT upon the open of New York Friday, July 5th. 
This after gold sold off to the tune of 30.00
 
Maintain long August Gold @ $1391.30 (current). Maintain stop @ $1384
Gold Market Forecast

it is all about this week’s testimony to Congress by the Chairman of the Federal Reserve. More to follow later on an additional commentary today. Today we will look at our upside target should gold continue to trade higher. 

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

The world’s largest digital currency had been locked in a battle contained in a narrow trading range over this weekend between $11,200 at the bottom and $11,500 at the top of this weekend’s trading range. This is a very narrow range considering the recent volatility seen in Bitcoin were 20% price swings are not out of the norm.

This gives credence to predictions this level that or line in the sand we put at $11,545 due to the indecisive sentiment on Friday. This is a very critical level that the bulls must hold in order to avoid a further decline in pricing. At the time of writing this article ( Monday, June the 8th) BTC futures markets exhibited a swift move up to just under $12,500 with solid volume, In fact it shot up in a few instant upticks for example Coiness.com wrote, “CoinNess Market Index shows that BTC surged by 1.79% within 5 minutes. BTC currently marks $12102.17 on Binance.”  this gain in the futures markets is signaling the possibility that a steep correction may not be in the immediate future although today’s action only makes it less likely to occur as soon as we had expected and not that Bitcoin is not out of the water and still can get “bit” by a number of known “sharks” in this market.

Interesting action in the cash markets is what makes us feel that at least for now BTC is still trading in a bullish trend in the short term. The underlying reasons for making the conclusion that the bulls had won the ‘tug of war’ over the key level around $11,500 has been won by the bullish faction is due to today’s spikes in price were accompanied by spikes in trading volume let me illustrate this point. At approximately 9:00 AM Hawaiian standard time, BTC was priced at $11,367 and trading volume was around 11 billion for the day. By 9:10 AM HST BTC leaped up to $11,726 and volume followed suite climbing to almost 12 billion. Over the next 8 hours Volume continued to climb reaching over 13 billion and tapered off slightly and now is trading well above $12,000 at approximately $12,225 with volume closing in on 13 billion. The gains that coincided with volume in swift moves to the upside suggest that there are ‘whales’ entering from the long side or that the moves are here to stay and that neither shark nor whale can stop BTC at the moment, but again we are not out of the water yet.