1/12/2012


Greetings!

Gold was trading at 1561 when I was interviewed for Bloomberg TV on December 28. It had been correcting from its recent high at 1802 and I was asked where I believed gold was headed short-term. I said that since gold has broken through support at 1580 my next target is 1534, which matches the recent low found at the beginning of December. I went on to say that if this support levels holds we will begin an extended rally. On the following day gold hit an intraday low of 1525 and bounced off of that low.
 
It was just a few days later when technical evidence convinced me that we had a high probability that the correction was over. This is what led me to initiate a buy signal when gold was then trading between 1575 and 1585. 
 
I have been waiting for confirmation that gold prices had seen their low. In specifics, gold needed to trade above 1625 and then 1645. Today we achieved the latter goal: gold is currently priced around 1650. In today's video I will discuss my upside targets for this wave. This will give my subscribers an upside target to look to pull profits.
 
As always wishing you good trading,

 

 
Executive Producer
The Gold Forecast 

gary@thegoldforecast.com 

On Skype Gary.S. Wagner 


 

 

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Proper Action

Gold: Maintain long (1580) position. The resistance we had

 at 1625 has been taken out. The next resistance level of 1645-1650 was hit and taken out today. I therefore remain bullish. Gold traded as high as 1561 in London last night and currently is just $10 off of that high.

 

 

Silver: I remain modestly bullish. Silver does in fact seem to be trading in tandem with gold and as in last year's price shows a larger percentage gain than that of its bigger brother. Longs at 28.10 now have a two dollar gain on this trade. Our basic target is 30.80; this is the area I believe we should look to take profits at.


MARKET FORECAST

Gary S. Wagner

   

GOLD: Today's market move in gold confirmed on a technical basis that the low of 1525 seen at the end of 2011 was in fact the end of our correction. The assumption that the correction was over is what led me to initiate our buy signal at 1580. However, a technical basis was needed to see gold not only take out and close above 1625, but take out and close above 1645. That confirmation was achieved today.


  

SILVER: In its typical manner silver is following gold's lead, although trading higher today by a greater percentage gain than gold. As of this writing we have gold up $7.10 with a net gain of .43%, and silver up $.18 with a net gain of .6%. It is my current belief that silver has no hard resistance until 30.82.

 

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.