12/20/2011 The Daily Report
 
Dear  ,

 It's beginning to look a lot like Christmas. 
 
Traders witnessed higher prices across the board in the equities, precious metals and commodities markets today.
Gold continued to rise as the U.S. dollar weakened. The big news today was the fact that Europe allocated €150 billion to the I.M.F. fund earmarked for the E.U.'s debt crisis. The European central banks were also involved in the mix with support for their bond market.

It seems it is now widely believed that the International Monetary Fund may add the needed liquidity in order to help the European Union.

There are other ancillary influences that explain gold's end-of-year comeback. Spain had an extremely positive bond auction that saw their finance costs drop dramatically. And the U.S. housing starts figures, a laggard in the economy's recovery thus far, jumped in the latest report, hitting 19-month highs. 

 

 

 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: It is the U.S. dollar that has been the primary influence on the precious metals markets - specifically gold - as of late. This recent weakness within the dollar index has been a solid bullish factor for gold. Also at recent prices just below 1600 per ounce there can be no doubt that buy-the-dip or bargain-hunting mentality has fueled this most recent rally. It is still my belief that we should get one more sub wave down, which would conclude this correction which began above 1900 per ounce.

 

 

SILVER: Following gold's lead we saw a very nice move in the silver market, most importantly breaking back above $29 per ounce. With a continued rally in gold the next real resistance level for silver is just below $32 per ounce.

Copyright (c) 2011 Wagner Financial Group 
 
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