Strong Selling Pressure Sparked by Global Economic Slowdown

November 9, 2018 - 7:38pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
We are currently flat after our stop was hit today.
Long December @ $1234.30 and out @ 1$215.13 for a loss of $19.00 ($1900 per contract)

 

 

Gold Market Forecast

Gold prices are trading solidly lower and at a four-week low in late-morning action Friday. According to Jim Wyckoff " Early losses have been extended on technical selling pressure, including sell stop orders being triggered when key chart support levels were breached. Bearish "outside markets" today that include a higher U.S. dollar index and lower crude oil prices are pressuring the precious metals markets. Both gold and silver prices are headed for technically bearish weekly low closes on a Friday, which would then suggest follow-through selling pressure early next week. December gold was last down $16.70 an ounce at $1,208.30."

Sentiment Indicator:
Gold -> Bearish
Silver -> Bearish
S&P 500 -> Neutral
Bitcoin -> Bullish