No Lid Yet On Volatility | The Gold Forecast

No Lid Yet On Volatility

February 4, 2015 - 4:02pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

Last night we sent out a special "Trade Alert": Recommendation to Buy Gold At Market.

Maintain long gold position @ 1267.50

Maintain sell stop @ 1251.50

Gold Market Forecast

Last week we began to explore our current model and Elliott wave count clearly identifying that we were in a third wave when gold hit an intraday high at 1308. The question we raised at that point was whether we would see higher pricing in a continuation of wave three. However, as the market began to correct it became quite clear that gold had most likely concluded a third wave, and wave four traded to a 38% retracement of wave three. These factors initiated our current model and assumption that we might in fact have begun the fifth wave. Based upon that model we sent out a special trade alert with a buy recommendation last night.

Today’s report will detail factors which led to our decision to initiate a buy recommendation. More importantly, we will look at our upside targets and projections and outline our current exit strategy for this trade.

Sentiment Indicator: