The Weekly Review  October  07, 2011 

Greetings! 

 

Although both silver and gold closed lower on the day, today's trading closed a positive week. Gold closed up .83% this week at 1635.80. Silver had an even stronger showing, closing at 30.99. 
Today's trading activity can be best characterized as a knee-jerk, push-pull reaction to fundamental news entering the market. 
Trading modestly higher overnight the market came under pressure as the jobs report was released showing a greater than expected number of  non-payroll jobs added. This would propel gold to its intraday low (off $30) on the day. 
The credit rating agency Fitch downgraded both Spanish and Italian debt from its A+ rating to a AA- rating. This reignited safe haven buying and pushed the precious metals off their lows.  

Wishing you as always good trading,

   

 gary@thegoldforecast.com 

On Skype gary.s.wagner  

Click link below to watch the weekend reports

    

Market Forecast

Gary S. Wagner

  

Today's video will explore and define target areas for this current trade. Using Fibonacci retracement we will look at three areas of interest.  

 

First we will look at support at 1610 and then we will look at the two resistance areas of 1681 and 1746. Although trading higher on the week, gold has been unable to breach 1680, which is maintaining its hard resistance edge. I do expect gold to be able to overtake that price and our next significant level and the target for this trade is around the 1646 area. We will also explore our longer-term views on our major Elliott wave count as well as our major targets through 2012.   

 

  

  When looking at the entire precious metals group it was silver that shined brighter this week. With a gain of 3%, silver was able to find support and trade to higher ground. Significant support exists at 33.50 with intermediate support at $32 dollars per ounce. Today's report will look at the week as a whole. I like silver as we look at it in relation not only to the Standard & Poor's 500, but also the dollar index. 

 

 

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.