Gold Moves Higher Avoiding a Correction | The Gold Forecast

Gold Moves Higher Avoiding a Correction

September 3, 2019 - 6:56pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

As you know we are currently flat with no active trades. This is because of the fact that we were stopped out prematurely on our last trade. Watch today’s video where I discuss critical levels of support resistance in both gold and silver.

Gold Market Forecast

Our market forecast is working under the assumption that the bullish rally is still intact and that we did not see gold prices correct after their long and a sustained upside move. We still see resistance at $1561 per ounce. Although we have traded as high as 1564, the market on multiple occasions has traded lower upon reaching this point. If we are to see a bullish rally continue, we must see gold close above $1561. That being said our entry to our next gold trade is going to be based upon a move above resistance, because once that has actualized the former level of resistance will become support. We will also be looking at silver in conjunction with gold as our next trade.

I am also recommending at this point that subscribers allocate a certain percentage of their allotted capital for gold trades into more long-term vehicles such as GLD, the electronic traded fund ETF. Another opportunity is in the gold mining stocks with my favored mining stock AEM. Also consider the GDX and NU

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