Technical Selling and Renewed Risk-On Market Sentiment Pressure Gold Prices

March 26, 2019 - 5:08pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

Friday morning, March 8th, we issued a trade alert to buy June 2019 gold (GC M19)

Yesterday we issued the following - TRADE ALERT: TIME TO RAISE STOP - Raise stop from $1287.13 to $1297.13

Maintain long June 2019 gold at $1305 

Maintain Stop at $1297.13

Gold Market Forecast

For the last four consecutive weeks (including this week) gold has made both a higher high, and a higher low.

If this week closes higher this would be the fourth consecutive week of higher closes also. However, today we have seen gold decline $8.00 which is moderate.

At the same time there was no major technical chart damaged caused. That would occur if prices break below $1315-1316, the fifty day moving and the .38 % Fibonacci retracement.

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