Kitco News: Gold Hitting "Critical Area" of $1,178 | The Gold Forecast

Kitco News: Gold Hitting "Critical Area" of $1,178

August 17, 2018 - 4:08pm

 by Gary Wagner

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Gold Forecast: Proper Action
See Market Forecast for outlook
CONDITIONAL TRADE ALERT:
We are short  December gold @ $1217.60, we recommend that you take your stop at $1195.13 to the market if gold opens higher on Sunday (Monday overseas)
Gold Market Forecast
As you know for the last couple of months we have been forecasting lower gold prices with a target of $1200 per ounce is our initial objective. Monday we reached that goal in both spot as well as December futures.
Wednesday we revised our target to 1170, which was hit on Wednesday. With the strong recovery over the last two days we are issuing a conditional TRADE ALERT ( see proper action).
Sentiment Indicator:
Gold -> Neutral
Silver -> Neutral
S&P 500 -> Bullish