1/17/2012


Greetings!

Yesterday we saw the gold market trade well off its lows to gain solid ground and close higher. Today, although we have seen a solid $10 gain in gold and a $.12 gain in silver, both precious metals have closed well off their highs. Today's video will look at the technical basis to find resistance in this area.

That we have seen solid gains is noteworthy and indicative of a bullish rally still in play. Nevertheless, we must be vigilant and proactive and react to any weakness found within the markets. We have worked very hard to secure an excellent entry point for both gold and silver, but we need to work harder to maintain those profits as this market begins to pick up steam.

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 level of 1645-1650  

has been reached. The question is whether gold is  

forming yet another base here before moving to higher ground  

or have we reached a logical point for a small correction. 

 

 Silver: I remain modestly bullish. Silver does in fact seem  

to be trading in tandem with gold.  Our basic target still remains 30.80;  

this is the area where I believe silver could find strong resistance.


MARKET FORECAST

Gary S. Wagner

   

GOLD: Although it is my belief that gold has the potential to reach the mid-1680s, we need to also address any signs of real resistance and determine whether we are witnessing a market consolidation or a pivotal point indicating a reversal. We do not as of yet have concrete evidence to confirm either of those assumptions, but my belief is that we are probably witnessing yet another consolidation in the market before moving higher. The fact that gold quickly came off its highs is indicative of a marketplace moving up steadily but studded with quick rounds of profit-taking throughout.
 

  

SILVER: The daily Henkin chart (Japanese average) shows the reemergence of a doji-like candle. This can be indicating either consolidation or a reversal area.

 

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.