Sharp Turn | The Gold Forecast

Sharp Turn

November 14, 2014 - 5:34pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

Stop was hit on our short trade:

Short @ 1167.50

Stop was hit at 1174.90 for a loss of 7.40

Gold Market Forecast

What a day for gold.

According to Mining.com, after trading to an intraday low of 1146, "at 10 AM EST two massive trades of some 3.5m ounces were executed lighting a fire under the price and a climb to 1192 by lunchtime."

This takes gold's price now above former resistance of 1181. 1181 is now support and resistance is 1213. 

This is the type of scenario that traders look for to determine  if we are going to witness a key reversal or pivot point.

Obviously, we need to see if there is follow-through buying, once traders have taken the weekend to review the recent price action. 

Sentiment Indicator: