There Is No Telling | The Gold Forecast

There Is No Telling

February 9, 2015 - 4:42pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

This morning we sent out a special "Trade Alert"  to BUY GOLD AT MARKET

Maintain long gold position @ 1240, maintain protective sell stop @ 1227

Gold Market Forecast

A confluence of factors seemed to be supportive of gold coming out of the gate as it opened trading at the beginning of this week. A lower U.S. dollar and higher crude oil prices certainly were bullish factors in gold. But I believe the main motivating factor in gold’s rise today was a return to uncertainty as we looked at both Ukraine and Greece.

On a technical basis we see gold having found support at roughly 1237 per ounce. If you recall from our recent shows we have identified that as a key number of importance. This was the market top in gold, which concluded the first leg of this rally. The move from roughly 1130 to 1237 is what we have labeled wave one, and a critical support area.

The real question we have been asking ourselves is whether Friday's sell off negated the current model that we were looking at. That of course would change not only our overall disposition on the market but our current market strategy. Based upon the above fundamentals as well as technical factors, we did issue a buy recommendation this morning that is listed in the proper action section.

Sentiment Indicator: