Trump Tariffs and Retaliation by the Chinese Take Gold Higher | The Gold Forecast

Trump Tariffs and Retaliation by the Chinese Take Gold Higher

May 13, 2019 - 6:17pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
TRADE ALERT: 
On Sunday, May 5th, we sent out a trade alert to enter a long trade in June gold. We entered this position at $1285 with a stop at $1268. On Monday, May 6th we sent out a trade alert to modify the stop to just below Monday's  low to $1278.
 
Maintain long gold at $1285. Maintain the stop at $1278, and put a limit order or (if available) an OCO (one cancels the other) to sell at $1310
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An OCO order combines a stop order with a limit order on an automated trading platform. When either the stop or limit price is reached and the order executed, the other order automatically gets canceled. Experienced traders use OCO orders to mitigate risk and to enter the market.
 
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limit order is an order to buy or sell a stock at a specific price or better. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher. A limit order is not guaranteed to execute.
 
Gold Market Forecast

The trade negotiations which which ended on Friday will certainly lead to more obstacles than previous trade talks. Higher tariffs: 10% to 25%, and the chinese response, changes the dynamics and has raised the stakes to a new level: Trade War 2.0.

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