You Can Hear A Pin Drop | The Gold Forecast

You Can Hear A Pin Drop

June 28, 2019 - 6:41pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
After taking profits on Tuesday, we are currently flat with no active trades in gold or silver.
On Tuesday June 25, we sent out a special trade alert recommending that our subscribers take their current protective stop to the market to take profits on our current trade. We entered a long position at $1339, we sold or covered that long trade yesterday at $1410 for a profit of $7100 per contract. This is roughly a 70% return on this trade.
Gold Market Forecast
The direction that gold trades in next week will be highly contingent upon the outcome and perception of Saturday’s one-on-one talks between the presidents of the United States and China. Of course, there is no expectation that these two leaders will resolve the current trade war. However, if there is optimism that there will be a favorable outcome based on agreement of common ground issues that will allow negotiators to resolve the issue and return trade between the two superpowers to a period of normalization.
If there is optimism after the one-on-one talks conclude on Saturday, we could see gold pricing trade substantially lower as the markets open Monday morning in Australia and Hong Kong. However, if the result of the one-on-one talks are a continuation of the stalemate that currently exists, we would see gold spike higher upon the open next week.
Based on the importance of the outcome of Saturday’s talks continue to maintain a neutral stance and watch and listen carefully to be ready to act accordingly.
Sentiment Indicator:
Gold -> Neutral
Silver -> Neutral
S&P 500 -> Bullish
Bitcoin -> Bullish
Bitcoin fundamentals by Joseph M. Wagner II:

The world’s largest digital asset started this week after taking out the $10,000 dollar level last week Friday. BTC had been steadily climbing for the first half of the week until late Tuesday night when it jumped up greatly and by Wednesday was up 20% on the day and reached an intra-day high at $14,124 above the 61.8% retracement from the apex this retracement level sits at $13,622 which is where we are pegging current resistance at.

 It did however give all of that ground up on Thursday when it had a sharp correction which brought it down to the same lows achieved on Friday at $10,500 which is where we are pegging current support at.

Bitcoin Sets New all-time record high for volume equaling $42 billion in the last 24 hours of trading. Many analysts say that volume reported by sources such as Coinmarketcap or Ledgerman a lot has been done since the last great Bull Run up to the all-time highs and back then the record high volume on these same pricing watches that cover and average all the major exchanges.  

One thing is for sure this most volatile week is just a start of what is to come and we can expect higher pricing with the caveat of swift and steep corrections from time to time but this bull-run has not yet run its course.