02/02/2012


Daily Outlook

Greetings! 

 

Today we witnessed another solid, stellar performance in the precious metals markets. Trading almost 1% higher on the day, gold is currently up almost $17 at 1760 per ounce. Silver once again regained its title "percentage gain leader," closing up almost 2% on the day and is currently trading at 34.36.

 

The United States Federal Reserve chairman today in testimony to the House of Representatives reiterated statements made at the last FOMC meeting. Bernanke continued to vow to keep interest rates near zero until 2014. There is a belief that to maintain this monetary strategy more quantitative easing will be necessary. This, of course, is a substantial statement and one that could keep fueling the current major rally. 

 

The current debt crisis in the E.U. is beginning to once again heat up, as all eyes continue a steely stare at Greece. Continuing talks between Greece and their financiers have not reached any conclusion or resolution. In light of the fact that Greece must restructure debt or pay at the end of March, the only statement that comes to mind is tick-tock-tick-tock.

 

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. On a technical basis, my predicted level of resistance of 1750 was tested and taken out in trading today. Our next upside target, should this level hold and form support, is 1802, the former intraday high reached during gold's last rally. 

 

SILVER: Maintain Long @28.10. Our upside target remains $35. However, I believe that there is much more upside available in silver once our initial $35 target is reached. It is quite possible that if we see gold trade to new record highs this year, silver will follow suit.

 


MARKET FORECAST

Gary S. Wagner

 

Gold & Silver: over the last two weeks I have spoken about the unusual way both gold and silver have been trading. A typical market rise is usually characterized by a series of rallies and corrections. Gold and silver have broken out of this form and can be characterized by a series of rallies followed by sideways movement in the market. Make no mistake - this is a rally unlike most rallies. It is the showing the type of movement needed if we are truly to witness gold and silver at some point this year trading to new record highs.

 

Gold 360 Minute Chart

 


  

 SILVER: Daily Chart

 

 

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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.