12/19/2011 The Daily Report
 
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The precious metals complex is trading lower today, although close to unchanged. As we get closer to the holidays expect volume to decrease. A consolidating market with tight ranges would not surprise me in the least.  


After the major correction we witnessed last week, the gold market has been moving quietly to find a support level. Support is currently pegged at 1580 with the first levels of resistance at 1608. It is my current take that we are in a minor wave four found within an intermediate wave four. We could easily see one more drop in price to conclude our intermediate before we enter an impulse phase. The impulse phase, of course, would be comprised of five intermediate waves, which would be the sub waves of a major five. This to me on a technical basis is the most exciting news.

 

Also we are witnessing a renewed interest in buying the dips as demonstrated in trading last night that quickly came off lows of around 1590 in European trading. Although I remain very bullish regarding the long-term prospects in precious metals - especially gold - I remain cautious and bearish. Let's be awake to the possibility of one last wave down before completing the current major wave four that we are in.

 

 As always, wishing you good trading.

 

 gary@thegoldforecast.com 

On Skype gary.s.wagner 

 

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Proper Action

Gold : long @  1588

 

 

 Silver: long @  29.10

 



MARKET FORECAST

Gary S. Wagner


  

   

GOLD: Gold hit an intraday high yesterday of 1608 at which time it found resistance and began to trade lower. Expect the holiday trading range to begin. On today's video we will look at my most current outlook and short term view. 

 

 

SILVER: I remain mildly bearish to neutral within the silver market. I believe that silver will follow in gold's footsteps. However, when gold is neutral I believe silver will remain under pressure. Today's video will look at support and resistance levels in silver.

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.