Plunging U.S Stocks, As Trade War Concerns Returns Gold’s Safe Haven Status

December 7, 2018 - 5:57pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
Maintain long February gold @ 1231 Maintain stop @ $1235.13
Mid week we sent out a Trade Alert: Trade Alert: Time to take profits and raise stop
We bought gold @ $ 1228.30 on Wednesday November 28. We Rolled over the December gold on December 2 to Feb gold @ $ 1231
Move your stop on the other gold position to $1235.13
In @ $1228.30 out @ $1243.90 for a profit of $1460 per contract.
Gold Market Forecast

This week was certainly a game changer in terms of the safe haven asset gold and its desirability. With a major selloff in US equities, uncertainty in terms of the trade dispute between China and the United States, and the upcoming FOMC meeting, gold gained over $26 this week alone. More importantly it broke through a major resistance level at $1247 per ounce, and now is just six dollars shy of 200 day moving average.

If in fact gold takes out and trades above the 200 day moving average next week that would signal that on a technical basis gold pricing has moved from an interim bullish trend to a long-term bullish trend. That is extremely significant.

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