Lackluster Performance in Gold Despite Geopolitical Uncertainty

May 6, 2019 - 6:05pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

On Sunday we sent out a trade alert to enter a long trade in gold. We entered this position at $1285 with a stop at $1268. This morning we sent out a trade alert to modify the stop to just below today's low. Today's video report will detail our strategy as to why we modified and raised the stop.

Maintain long gold at $1285. Maintain the stop at $1278.

Gold Market Forecast

On Friday we identified a candlestick pattern called and engulfing bullish. This pattern is created when the body of a strong up day engulfs the prior days body. When the market opened up in Australia yesterday we saw a strong and defined open. However this rally quickly diminished and strength with today's gains tepid at best. Although there were multiple geopolitical factors which should have taken gold pricing higher, it did not.

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