Not Quite Volatile But Almost

March 3, 2015 - 4:26pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We have no open trades in either gold or silver.

We were stopped out of our gold trade:

In @ 1211 out @ 1203 - $8.00 (- $800 per 100 oz contract)

Gold Market Forecast

Although it was amid choppy and lackluster trading, gold prices continue to drift lower on the day. Trading to an intraday low that once again broke below that critical $1200 benchmark, gold was able to recover a little bit, and as of this writing is trading roughly 2 dollars lower at 1203. The key in gold prices today is not so much the close, but the fact that over the last week three attempts have been made to break the current resistance level in gold at 1221. All three tries have been unsuccessful.

We continue to look at precious metals prices drifting to lower pricing. The equities markets, after reaching record highs today, did back off, and the dollar remained fairly calm for the day but did close a few points lower. However, the dollar is trading higher on the week, with last week’s prices following the tremendous climb still intact. Crude oil did manage to firm a little bit, once again trading over $50 per barrel. All in all, it is our current sense that unless we find any kind of price support in this critical area ($1200 per ounce), we will probably see gold and silver continue to trade under pressure moving to lower pricing this month.

Sentiment Indicator: