Robust Jobs Report Pressures Gold Lower | The Gold Forecast

Robust Jobs Report Pressures Gold Lower

July 5, 2019 - 6:29pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We sent out a TRADE ALERT upon the open of New York today. This after gold sold off to the tune of 30.00

Maintain long August Gold @ $1391.30 (current). Maintain stop @ $1384

Gold Market Forecast

This latest trade occurred very shortly after our stop was hit on our former trade which we opened on July 2. We had a stop at $1408.13, which was hit as the market drop dramatically this occurred immediately following an extremely robust jobs report which came in well above economic forecasts. We entered the trade at $1427 to $1431, and was stopped out at 1408.13. The net result of this trade was a loss of $22 per ounce, or $2200 per contract.

We did however reenter the market on the dip. After hitting a low of $1385 and seeing some support enter the market, we sent out a special trade alert recommending the initiation of a long position which we entered at $1391, roughly $10 below today’s closing price. Today’s video report will detail our expectations for the current trade as well as cover these last two trades in detail.
 

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

Bitcoin takes some bumps and bruises along this week’s rocky road which concluded so far with today’s futures on the CME almost certainly are going to close out the week below the .50% retracement level of this market’s entire historical all-time highs and lows for the futures contract as our data set. Since last Wednesday, June 26th BTC #F had pierced this .50% level at $11,545 a total of three times. Each time was met with a harsh and deep retreat back to below $11,545 which is currently the land of the Bitcoin bulls.

That being said this week resulted in a small loss of less than $500 dollars while the previous three weeks had literally DOUBLED the price of BTC on the CME taking it from $7,700 up to nearly $14,000 in less than three weeks. Making this week’s minor weekly drawdown nothing to sweat about but we could easily see prices dip lower next week and I would be looking towards $8,500. An area that must hold if BTC is to stay in an bullish trend stands between $6,300 - $6,700. As for resistance there is still the tug of war going on at $11,545 and which side has the ability to win this ground could be in control for the rest of next week, if the bulls manage to pull out another win this weekend the next major resistance resides at $14,000.