It is Likely That the Trade War Negotiations Will Get Worse Before They get Better | The Gold Forecast

It is Likely That the Trade War Negotiations Will Get Worse Before They get Better

May 14, 2019 - 6:33pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

Bitcoin Resilient and Maintains Price Just Below $8000 - By Joseph M. Wagner

Today Bitcoin pricing has held, holding onto $8000 per coin. Bitcoin’s parabolic rise has not shown any sizable retracement after gaining 25% yesterday. Bitcoin has been benefiting from the flight from cash, especially from the Chinese Yuan. This has been a major factor to the most recent surge in pricing.

Volume in bitcoin futures (BTC #F) has also had an incredible increase. Considering that April volume was oscillating between 500 and 5000 contracts, this was dwarfed by today’s volume of 31433 contracts traded. The volume is an all-time record high since the future contract began trading in December 2018. One last thought on volume is that prior to this recent spike, new trades were the result of additional  long positions and  for the first time in about a year long potions exceeded short positions.

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Gold Forecast: Proper Action
TRADE ALERT: 
On Sunday, May 5th, we sent out a trade alert to enter a long trade in June gold. We entered this position at $1285 with a stop at $1268. Today we sent out a trade alert to modify the stop to $1291.13
Maintain long gold at $1285. Maintain NEW stop at $1291.13, and put a limit order or (if available) an OCO (one cancels the other) to sell at $1310
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An OCO order combines a stop order with a limit order on an automated trading platform. When either the stop or limit price is reached and the order executed, the other order automatically gets canceled. Experienced traders use OCO orders to mitigate risk and to enter the market.
 
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A limit order is an order to buy or sell a stock at a specific price or better. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher. A limit order is not guaranteed to execute.
Gold Market Forecast

The trade negotiations which which ended on Friday will certainly lead to more obstacles than previous trade talks. Higher tariffs: 10% to 25%, and the Chinese response, changes the dynamics and has raised the stakes to a new level: Trade War 2.0.

Sentiment Indicator:
Gold -> Bullish
Silver -> Neutral
S&P 500 -> Bearish
Bitcoin -> Bullish