Profit Taking Yields Lower Pricing

Although the optimism which is been so prevalent taking the precious metals markets higher is still fully intact, the minutes from last month's FOMC meeting I had a small bearish undertone to gold pricing today. Nonetheless I remain bullish and think that we could easily still see the market take a stab at $1370 per ounce the triple top that traders have not been able to break through over the last two years in trading.

The key right now is to determine whether or not today's fractional decline is indicating a potential top, or simply a period of consolidation.The reason the identification of a top or consolidation is so important is it will determine whether or not gold is headed higher short-term. Because our longer-term studies indicate that gold prices will move substantially above $1370, however a retracement could occur at any point prior to moving back into rally mode.

We will be implementing a new feature that will involve an interactive live broadcast hosted by myself for our premium subscribers only. This will allow you the opportunity to ask any questions you may have as we discuss the current market action.

For those interested in attending this event please email us at  support@thegoldforecast.com  to reserve a seat. We will  need your email address to send you login  instructions.

Based on your response we will be able to determine whether or not our subscribers want to see this feature enabled on a regular basis either weekly or bimonthly.

Wishing you as always, good trading