Greeks Shoot Their Foot While Markets Yawn

February 17, 2015 - 4:27pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We are flat with no open positions in gold or silver.

We were stopped out of our long gold trade today.

Long @ 1232 -- Out @ 1213 (a loss of $19.00 per oz)

Gold Market Forecast

Today’s severe downside move in precious metals could be an indication of yet lower prices ahead. Gold broke through a major support level when it began to trade under 1217 per ounce. Closing roughly at 1208 per ounce the next real support level in gold is 1198. More importantly, on a technical basis gold prices are just above the long-standing resistance line that we have identified.

A break below this long-standing resistance line could signal dramatically lower pricing ahead. However, we will still look to see if any support reenters the market because gold prices are at but not through the long-standing resistance line.

With minutes from the FOMC meeting being released tomorrow our only logical strategy is to sideline and see what comes out of that meeting.

Sentiment Indicator: