Tariff Reductions Shifts Focus Away from Real Unresolved Issues | The Gold Forecast

Tariff Reductions Shifts Focus Away from Real Unresolved Issues

November 7, 2019 - 6:39pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
On Thursday, October 31st we sent out a trade alert. Buy Dec gold @ $1514, and place stop @$1468.13
Today our stop was hit . Long @ 1514, out at 1468.13 for a loss of $45.87 ($4587 per contract)
* for those who took aggressive add on the loss was $25.00 ($2500 per contract)
Gold Market Forecast

Today’s sharp selloff in gold is the second occurrence of a major price decline this week. That being said there is technical damage that we can identify. First current pricing is below the 100 day moving average, and second current pricing is below the former level of support. That being said it will be a fundamental event that dictate where gold pricing will head from here. Because in our assessment the selloff this week was overdone and exaggerated.

This belief is based upon the fact that the accomplishments being cited by both superpowers are simply taking away what was added as a response to the real issues. Until the real issues are discussed and resolved market action is based on unrealistic expectations.

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

Bitcoin futures are trading off today with the CME’s continuous futures contract down $150 or 1.6% at $9, 210 as of 5 PM EST. The low witnessed today came in at $9,125 just below the 50% retracement at $9,148 and just missed the 50-day moving average at $9,102 by a mere $23, showing that these levels are acting as support.

If BTC continues to fall and breaks below these levels the next logical areas of support would be our trend-line which at this point in time is at approximately $8,400. Below this level lies the .618% retracement at $7,967 and the current 200-day M.A at $7,655.

If prices rise from this level the first resistance area lies at the 100-day moving average at $9,960 and the physiological level at $10,000.