Powell Speaks and the Selling Continues | The Gold Forecast

Powell Speaks and the Selling Continues

September 6, 2019 - 6:49pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We are currently flat with no active trades. See market forecast for our targets to reenter the market from the long side.

Gold Market Forecast

On today’s video report we will look at both gold and silver through the eyes of our current Fibonacci retracement to ascertain support levels that would indicate a solid level of entry. While we had a major selloff in both metals this week a correction was overdue. That being said long-term I am still extremely bullish on both gold and silver however I acknowledge aware currently in a correction

Sentiment Indicator:
Gold -> Bearish
Silver -> Bearish
S&P 500 -> Neutral
Bitcoin -> Neutral
Bitcoin fundamentals by Joseph M. Wagner II:

With the launch of Bakkt is only weeks away they started to take deposits today which is the date they had set for deposits making the launch highly likely to remain on schedule. Oddly enough this is being cited as a possible reason for BTC’s decline of approximately 2% on the day. For now we are awaiting a break above the 50-day moving average or below support at $10,350, the 38% Fibonacci retracement.