You Were Expecting The Earth To Stand Still? | The Gold Forecast

You Were Expecting The Earth To Stand Still?

November 19, 2014 - 5:12pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

We are currently flat with no open positions.

Gold Market Forecast

Today's dramatic downside move in gold, shows tremendous resistance at 1200. New support level now becomes 1180.

If the 1180 price point is breached we could see another test of recent lows at 1131.

It now appears that any upside rally might have to wait until we have fully completed the wave 5 down, which would complete the long correction. Based upon the relationship between wave 1 and wave 5, which should be equal in size, we could see gold go as low as 980.

Sentiment Indicator: