Short-Covering Rally Ends With A Bang | The Gold Forecast

Short-Covering Rally Ends With A Bang

November 10, 2014 - 4:41pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

Approximately one hour prior to the open of Comex gold we sent out a special trade alert recommending that our subscribers initiate short positions in gold. Traders that took that call should be short roughly at 1167. I also suggested placing a protective buy stop at 1183. Therefore:
Maintain current short position at 1167
Maintain current stop at 1183

Gold Market Forecast

As traders began the week in Australia, gold opened much weaker, with absolutely no follow-through evident from Friday's dramatic $38 rise.

Initially on Friday I looked at the possibility that the recent low at 1131 would find support and we might see some sort of a bounce and higher pricing in gold.

Very quickly, as the day progressed, it was quite evident that that was not to be and we saw an overall deterioration in gold prices.

That prompted our trade alert which we sent out approximately an hour to an hour and a half prior to the opening of gold in New York.

Today's video is a must-see report as I will go over in complete detail the current trade we are in. We will speak about the activity that led up to the trade. We will look at our current stop placement in detail and why we positioned our stop at that price point. Lastly and most importantly we will look at our exit strategy and our goal for this current trade.

Sentiment Indicator: