They Will Never Be Royals, but Large Speculators Add Gold | The Gold Forecast

They Will Never Be Royals, but Large Speculators Add Gold

October 20, 2014 - 2:54pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

Yesterday we sent out a special “Trade Alert” recommending that you enter the market from the long side with a Buy at market order.

Maintain current long gold @ 1244
Maintain STOP below 1230

Gold Market Forecast

There might be something in the air, but the big boys are buying gold again.  It is absolutely certain that we did hit a triple bottom two weeks ago when gold traded and bounced off of the lows at 1180. What is not clear as of yet is how high this most recent rally will take gold prices, and that is exactly what we attempt to answer on today’ show.

We will look at 1241 and why it is so important to close above that price point. We will also look at the Fibonacci retracement levels that were created when gold fell from 1341 to 1180 to plot out our strategy on this current trade. Lastly we will use this information to plot price targets or potential points to exit our current trade if we are correct and the market moves in our favor

Sentiment Indicator: