It’s Been A long Time Coming, Gold Regains its Bullish Footing | The Gold Forecast

It’s Been A long Time Coming, Gold Regains its Bullish Footing

July 3, 2019 - 6:06pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
In between the recording and production and release of today’s report we sent out a trade alert to buy August gold at the market. There is no doubt we had fast market conditions and gold was trading at $1427 to $1431 when the alert was sent out both email as well as text SMS message. In fact I was in such a rush to get the trade alert out that I followed the trade alert to place a market by order with a stop placement alert roughly 5 minutes afterwards.
 
Today’s video will not cover the fact that we entered the long position only the parameters I was looking for to enter the trade therefore
 
Maintain your long August gold at $1427 - $1430
Maintain your current stop at $1408.13
Sentiment Indicator:
Gold -> Bullish
Silver -> Bullish
S&P 500 -> Neutral
Bitcoin -> Neutral
Bitcoin fundamentals by Joseph M. Wagner II:

Bitcoin is showing some resilience and despite my recent opinion that BTC futures were headed to lower pricing and likely to fill at least one more weekend gap namely the one that resides at around $8500, we are witnessing some technical evidence that may not be the case.

Case and point, if you were to compare a simple one day line chart of BTC futures on the CME you would see a market appearing extremely bullish. On the other hand if you recall from yesterday we were showing readers a candlestick pattern called a shooting star.  And the same two day chart in line format an argument could be made for a descending triangle forming.

That same line format on a daily chart however shows no real evidence of a correction and in candle stick format no real pattern emerges. The RSI is also now bellow its upper band signaling that the market is not over- bought.

I am not convinced however that a break lower is not still in the cards, Elliot Wave would suggest that this we are in the midst of an ABC correction and currently are immersed in the B wave. Elliot Wave theory states that wave C will typically takes the market lower than the conclusion of wave A. In conclusion I am still expecting a further slide in pricing.