August 29, 2011

Greetings! 

 

We are still deeply immersed in a corrective pullback in the precious metals markets. After witnessing record levels in gold last week, it is no surprise that a correction ensued following $1900 gold.  

 

Ben There, Done That  

 

After Friday's speech by Federal Reserve Chairman Ben Bernanke, the US equities markets reacted in a bullish manner. The only thing I believe one can read into his comments is the Fed's willingness to reactive need.

 

Although the underlying fundamentals that have been driving the precious metals markets have not changed, the temptation of profits when gold reached new record highs were enough to initiate this corrective phase.

 

 gary@thegoldforecast.com 

On Skype gary.s.wagner 

 

 

 

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Proper Action

Awaiting Signal No Position 

Today's video looks at possible downside targets for those wishing to short gold

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Market Forecast

Gary S. Wagner 

 

On a technical basis there are absolutely two ways to view the gold market. In terms of a long term perspective no real technical damage has been done, even in light of a $200 sell-off. Simply look at a five year gold chart and this recent correction is but a small move in relation to the tremendous upside action we have witnessed in gold.

 

However, when we look at gold on a short-term basis, we have certainly entered a correction. Based upon our current Elliott Wave count we have just finished a major fifth wave. This sets the probability of a sustained or deeper correction much higher than normal.  Although the fundamentals have not changed, the temptation for profit taking has absolutely found a foothold in the market.

 

 

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.