Gold Regains its Status as the Most Expensive Precious Metal

June 3, 2019 - 5:31pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
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.. Place a protective stop below $1273.13 , last weeks low. Our current upside target is to cover the position at $1361. We will discuss is trading detail during today’s video report
This morning we raised our stop to $1310.13
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Maintain Long August gold@ $1293.10
Maintain stop @ $1310.13
 
Gold Market Forecast
Last week I beganto talk about how my market sentiment in gold had been changing from bearish to bullish. The last three days we have witnessed gold trading to $1333, today's high.
On today's video I will detail our Current Trade, Stop and upside targets.
Sentiment Indicator:
Gold -> Bullish
Silver -> Bullish
S&P 500 -> Bearish
Bitcoin -> Neutral
Bitcoin fundamentals by Joseph M. Wagner II:

This Monday morning June 3, BTC futures on the CME’s exchange are fractionally higher on the day up $80 or 0.9% at $8615 as of 4 PM EDT. This is significant because for the first time in over a month the ‘weekend gap’ was so negligible that it quickly back filled the small change in pricing over the weekend. As we spoke about last week when the weekend gap had shrunk significantly in relation to prior weeks and could be viewed as an exhaustion gap which points to the current bull run running out of momentum as well as a possible correction.

Although we have not yet witnessed a deep correction I believe this week we may very well see such a correction I also believe if this occurs it would be minor and short-lived. Such a correction could take pricing as low as the .23% retracement sitting at approximately $7000. Last week’s gap confirmed this theory by closing lower on the week for the first time since April.

This week’s opening price along with the relatively flat price action gives us more reason to believe that a correction is even more likely to occur. Also its failure to trade above $9185 even on an intraday basis last week gives a correction even more relevance and therefore I believe is highly likely over the next week or two.