You Can’t Always Get What You Want

May 2, 2019 - 6:09pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We are currently Flat. Watch today's report to detail why we did not issue a sell reccomendation today.

Gold Market Forecast

Yesterday, as anticipated the Federal Reserve left their benchmark Fed's funds rate unchanged.The press conference held by Chairman Powell resulted in gold and the precious metals complex pivoting to the downside resulting in a seven dollar plus decline in gold pricing, an almost 3% decline in the price of palladium. Today we saw that trend continue with a further decline in Gold, silver and platinum.

All things being equal gold has now closed below now a critical support level. On today's report we will detail why today's close did not trigger a sell signal in gold.

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