Gold Prices Move Higher with a Revised Forecast of Prices Reaching 1507 | The Gold Forecast

Gold Prices Move Higher with a Revised Forecast of Prices Reaching 1507

August 2, 2019 - 6:52pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We are currently flat with no active trades in either gold or silver. That being said I remain extremely bullish long-term and moderately bullish short-term.

Gold Market Forecast

The caveat to my short-term forecast is whether or not these new highs achieved this week in gold will become the new resistance area. If so today show will forecast where the correction could conclude in terms of pricing. We have also updated and revised our interim term forecast from $1480 to $1507. I believe that this is achievable certainly by the end of the year.

It is for that reason that it is critical for us to observe how the market trades next week, and whether or not it breaks above the highs achieved this week when gold traded to $1462 per ounce.

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

Pricing in BTC futures on the CME as well as the cash market is holding steady above $10,000 with the spot markets currently trading just above $10,400 with futures approximately $100 higher at $10,560 as of 5:30 PM EDT. Volume in the CME has been consistently low this week most of which volume had barely exceeded 2000 contracts per day it had slipped today back below 2000 contracts initiated in the last 24 hours.

There is no denying that over the last three days a case could be made that BTC is back in a bullish mode at least on a short-term basis however with volume so low on the CME I would be cautious in making that assumption just yet.

Volume in the spot market however has also been about half of its normal which is down from a recent high on July 11th at just under $22 billion in daily trading volume down to July 28 which came in at a surprisingly low $7 billion in daily volume. Today volume in the spot market is still rather low coming in at $12 billion in the last 24 hours.

This recent decline in trading volume in both spot markets as well as futures makes this recovery up back above $10,000 less than convincing that the worst is over. Next week if we see higher pricing in tandem with renewed volume then a convincing argument could be made that we are indeed back in a bullish market.