02/03/2012 The Weekend Report

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The precious metals markets came under pressure today when the current U.S. jobs report for January was released revealing a much higher estimate than anticipated for job creation. 234,000 jobs were created, pushing the unemployment rate down from 8.5% to 8.3%.

This stronger-than-expected job report could ease the prospects for QE3, thereby putting pressure on the precious metals markets. Traders have been factoring in a round of quantitative easing by the Federal Reserve as we witnessed the precious metals markets rally over the last two weeks.

Today's report could change that outlook. I think that this is the first indication on a technical basis that our first impulse wave (wave one) might in fact have come to a conclusion and we are about to enter our first corrective wave, wave two. Today's report will plot potential target areas and pivot points if we have confirmation that the correction has begun. This will allow us to properly pull profits on our current positions as well as look at target points to reenter the market from the long side after this correction concludes.  
 
 As always wishing you good trading,

 


 
Executive Producer
The Gold Forecast 

gary@thegoldforecast.com 

On Skype Gary.S. Wagner 


 

 

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The  Running of the Bulls Part II
01.27.2012

Proper Action

 

 

GOLD: Maintain Long @1580. Our current stops sit just below 1700. Today's trading activity is the first indication that the current impulse wave one probably has concluded. That being said, today's video will look at possible targets if in fact corrective wave two has begun. When trading begins again on Monday in Australia we will look for confirmation and act accordingly.

 

SILVER: Maintain Long @28.10. Our current stop sits just below 32.80. Just as in gold, today's trading activity is an indication we might have begun our corrective wave two in silver. We will look for confirmation when the market reopens Monday in Australia and, again, act accordingly.

 

 

 


MARKET FORECAST

Gary S. Wagner

   

GOLD AND SILVER: Today's action indicates a potential correction to this incredible rally that began at the end of December. If we get confirmation next week, we can then begin to create our forecast model for our major fifth wave currently underway.  Most importantly on a long-term basis I do not believe we have inflicted any major damage to the bullish trend. Rather we have begun our first of two corrective waves (2,4) that will be nestled in between impulse waves one, three, and five.
 

   

    

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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.