Slide Continues | The Gold Forecast

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October 30, 2014 - 5:01pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

Yesterday we sent out the following trade alert:
Gold was not able to bounce overseas by more than a dollar. As the US dollar continues to rise we see further pressure possible in gold. Sell Gold at market (current price is 1208/1209) Stop above 1231

Maintain current short gold position @ 1208.50
Move current stop to above 1214.50 (today's high)

Gold Market Forecast

A strong dollar continues to pressure gold prices.

Following yesterday's FOMC minutes being released we have seen a virtual meltdown in precious metals across the board. Silver lead this decline closing off over 3% on the day.

Based upon our studies, we see a further decline in gold and silver prices ahead.

The key levels to look for in gold are 1200 and 1180.

Will we see prices drift back to 1180, and more crucially, how low could gold prices go this year? We will begin to explore and answer these questions on todays show.

 

Sentiment Indicator: