Gold Prices Pressured by Dollar Strength

January 24, 2019 - 5:08pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
We are currently flat with no active trades
 
Thursday morning, January 17, we sent out a ...TRADE ALERT: to sell (cover) our long Feb gold @ $1289.90 and to REMOVE the STOP
 In at $1268.59 out @ 1289.90 for a profit of $2140.00 per contract
 
We also Bought April Gold @ Market and Placed our Stop at $1283.13
That stop was hit on Monday January 21 for a loss of  $11.87 or $1187 per contract.
Gold Market Forecast
All week we have been speaking about the $64,000 question - whether or not this recent price decline in gold is signaling a shallow and quick selloff, or an indication that a correction has begun which will take pricing lower.
 
 If we see support continue at the lows achieved yesterday we will issue a by signal in this area. However currently we have seen no technical indication of support.
Sentiment Indicator:
Gold -> Neutral
Silver -> Bearish
S&P 500 -> Neutral
Bitcoin -> Bearish