02/06/2012


Daily Outlook

Greetings! 

 

As the market opened Monday in Australia we saw gold prices firm. This move was to be short-lived as the global gold market moved from Australia to Hong Kong, London and New York. Trading $10 higher, gold came under pressure as it entered London's market and than into New York's.

 

On a fundamental basis, lower gold prices have been attributed to a lower euro after Greece failed to complete its second bailout deal. On a technical basis I believe that we have probably entered a corrective wave (wave two). 

 

Currently we have gold off almost 5 dollars on the day, after Friday's $30+ move lower. This correction might be short-lived as the fundamentals that have been driving the precious metals rally are still solidly in play. But it is more than likely that lower prices lie ahead.

 

Once again Greece and its current debt scenario are at the forefront of news affecting many major global markets.

 

I am convinced that Greece ultimately will default on its current payments due. It's simply a matter of the terminology used to describe that country's inability to pay its current debt payment.

 

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. Our current stop sits just below 1700. After initially trading almost $10 higher on the day, gold came under pressure as it entered markets in London and New York. This correction could be quick and gold could quickly return to its bullish track. For that reason my recommendation is to maintain your current position and stop placement.

 

SILVER: Maintain Long @28.10. Our current stop sits just below 32.80. Just as in gold, today's trading activity is an indication  of the size and magnitude of this present correction. Although typically we would look for a much deeper correction we have not seen the type of follow-through typically found within a correction. 



MARKET FORECAST

Gary S. Wagner

 

Gold & Silver: Today's video will look at various pivot points and potential price points at which gold and silver will find support. As of this report, gold has traded to just above our first pivot point at 1706. In the same way silver traded just below the 38% retracement level, slightly above $33 per ounce. As we are in a major fifth impulse wave one must weigh the possibility that the correction will be short and shallow. The jury, however, has not returned its verdict one way or the other but the evidence continues to build.

 

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.