Presidents Day Brief | The Gold Forecast

Presidents Day Brief

February 16, 2015 - 4:32pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

Yesterday we sent out a special trade alert to Buy Gold @ the market

Maintain long gold at 1232

Maintain stop @ 1213

Gold Market Forecast

Although today’s trading day was condensed, we did see gold open overseas to trade near the highs and remain mostly steady in the shortened new York session. Most importantly, we sent out a special trade alert last night, recommending that our subscribers initiate long positions in gold. The rationale behind the trade this morning was based upon multiple indicators all pointing to a potential bottom in gold prices. First, on Thursday we identified a candlestick called an “inverted hammer." This candle type occurred as a market traded slightly below a 61% retracement and closed slightly above it. On Friday we identified yet another pattern known as a “three River morning star”, with the inverted hammer becoming the star in this pattern.

As the markets opened in Australia Monday we saw a continuation of the uptrend and then issued our buy recommendation. Today’s video report will detail the trade recommendation we just put out.

Sentiment Indicator: