Less Than Great News Kicks Gold Up

November 7, 2014 - 4:39pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We went short gold at 1208
We trailed stops down to just above 1171. Today we pulled profits when our buy stop was hit at 1172
Short @ 1208 out at 1172 or + $36.00 (3600 per contract)

Gold Market Forecast

I ended yesterday’s market forecast with the following statement: “Inasmuch as we believe that the overall direction of gold over the next month to month-and-a-half is down, at any point we should expect some sort of a bounce. When that bounce will occur is anybody's guess.”

Today’s trading activity certainly proved we could see that bounce at any time, in this case today.  Did it come as a surprise? Well yes and no. We knew that we could see a bounce at any point, but I certainty was not looking for it today. Today’s video presentation will summarize our last trade, but more importantly forecast where this bounce should take gold prices next week.

Sentiment Indicator: