Gold Gains Ground After Two Days Of Declines

June 12, 2019 - 6:19pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
We are currently flat after taking profits yesterday. On opening weaknees, when gold was down $8.00, we took our stop to the market.. Long @ $1293.10 Out @ $1338.10 =  $45.00 per ounce, or $4500 per contract.
 
Thursday morning, May 30, we sent out this message -Trade Alert: buy August 2019 gold @ the market. Respectable move today in gold which is currently trading up $6.80 to $7.00, basis the August 2019 contract and fixed at $1293.10.
Gold Market Forecast
We remain bullish for gold on a long-term basis, however Sundaywe got the short term pause in this rally we have been waiting for..  
 
Support for gold continues to be  attributed to statements by Federal Reserve Chairman Jerome Powell who alluded to the potential for rate reductions this year to continue the economic expansion. This coupled with last  Monday's statement by the president of the St. Louis Federal Reserve Bank, James Bullard is significant in that it illustrates real support for rate cuts if needed. Last weeks Labor department Jobs report came in well under exceptions. 175,000 new jobs were forecast and the actual number was only 75,000, are supportive of rate cuts.
Sentiment Indicator:
Gold -> Bullish
Silver -> Neutral
S&P 500 -> Neutral
Bitcoin -> Bullish
Bitcoin fundamentals by Joseph M. Wagner II:

Coinbase announced that its Visa debit card which can be used to make purchases and withdraw cash from ATMs, instantly converting your digital assets into fiat currency and is now launching in six more major European countries. The Coinbase debit card was originally launched in the U.K. in April and will now be available and excepted in Spain, Germany, France, Italy, Ireland and the Netherlands to anyone with a Coinbase account. This is another major leap towards wide spread acceptance of crypto assets.

On the security side some big headway is also being made. The largest bank in South Korea, KB Kookmin, is launching the first digital asset custody service platform in a nation were crypto awareness is highest amongst anywhere else in the world with an astonishing 87% of the country’s population. At one time South Korea accounted for a third of the crypto market and the largest holders of Ethereum, since then however the South Korean Government has cracked down on ICOs (Initial coin offerings) by making them more expensive due to high taxes imposed on South Korean exchanges, this only opened the door for Chinese exchanges to dominate the east Asian market.

In the futures markets BTC #F is trading up by roughly 3% on the day and seems poised to break out of the recent narrow range of $7,500 to $8,000 and currently are trading above $8,000 at $8,125 with a high today of $8,340. On a technical basis a Golden cross between the long term 100 and 200 day moving averages seems imminent and Bitcoin bulls seems ready to retake the reigns.