Trade Talks Result in Little More Than Mixed Messages | The Gold Forecast

Trade Talks Result in Little More Than Mixed Messages

April 5, 2019 - 5:56pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
We have no active positions in gold or silver. See Market forecast for outlook.
However wild price swings today resulted in the stop being hit in the long June palladium trade: Long @ $1391.80 - stop  hit @ 1299.13
Gold Market Forecast

With all the fundamental events that transpired this week, gold and silver pricing remained rather flat. In fact, when we look at daily charts of both gold and silver what we see is while there was an expanded range on some days, all days had a very compressed range between the open and closing price.

Effectively we have been looking for technical confirmation that gold has found some sort of a base and level of support. The level that we are speaking about is $1290 per ounce which is a Fibonacci based support level. However, to effectively trigger a by signal in gold we would like to see gold break $1300 and close above it.

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