August 11, 2011

Greetings! 

 

Precious metals entered a correction yesterday with gold leading the way, trading to a new record high of 1813. Gold was unable to sustain this new price point and a sell-off followed. Although this current correction is widely attributed to a spike in margin requirements on the CME, my sense is that a correction was due and anticipated. 

 

I wish to thank all of my subscribers who took the time to answer our survey yesterday. It is through these surveys that we are able to hear from our subscribers what they want to see in our daily forecast.  

 

One idea that I have been tackling for the last six months has been a quicker way to transmit trade alerts. Although I believe the best way would be through text messaging, other ideas surfaced that might be viable. To that end if you have not already, please ...  Take  This Survey

 

Wishing you is always good trading,

 

 gary@thegoldforecast.com 

On Skype gary.s.wagner 

 

 
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Proper Action

Long @ 1687 & add (1724)

Out @ 1785 + $158.00 per ounce 

15,800 based upon 200 oz (2 contracts) 


 

 

Market Forecast

Gary S. Wagner 

 

Gold today hit a new record high, again. This time trading to $1813 per ounce. our upside target for this wave based upon Fibonacci extensions was 1803 -1809. after gold traded to this target and began to back off I felt the most prudent move would be to pull profits by trailing our stop up tightly. If you recall from yesterday's commentary I made the following statement "please do not count out a hard correction at any time ". there can be no doubt at this point that we have concluded wave three and are currently in a corrective wave (4). 

 

There is however one other possibility although I believe it to be very remote. that is that the prior impulse wave ( three ) might only be composed of a minor three count as opposed to a full count of five. Today's video will explore both possibilities as well as suggest which of the two seems to be more plausible at this point.

Copyright (c) 2011 Wagner Financial Group 
 
Before deciding to participate in Gold or Silver investments, you should carefully  consider your investment objectives, level of experience and risk appetite. Most importantly with futures activity do not invest money you cannot afford to lose.There is considerable exposure to risk in any futures exchange transaction, including, but not limited to,leverage ,and market volatility that may substantially affect the price of  gold and /or  silver. Moreover, the leveraged nature of Futures trading means that any market movement will have an equally proportional effect on your deposited funds. This may work against you as 

well as for you as well as for you.