02/08/2012


Daily Outlook

Greetings! 

 

No more can to kick

There comes a point when there is no road left down which to continue to kick the can. The primary issues that Greece faces have been decades in the making accompanied by years of denial.

 

Tick-tock tick-tock: time is quickly running out as Greece scrambles to complete a rescue of €130 billion. This bailout package contains austerity demands that would force Greece to drastically restructure its financial policy, a move that will have tremendous repercussions upon the day-to-day standard of living of its citizens. 

 

The Peter and Paul syndrome

No longer will Peter simply loan money out to pay Paul. Not without deep, painful spending cuts. Without radically extensive intervention, Greece will default on its loans, which could lead to its excommunication from the European Union. However, the fallout from such a rupture would be severe and set into motion a protocol that would adversely affect other financially shaky countries within the E.U. such as Portugal, Spain and Ireland. It could begin a domino effect that would change the E.U. as we know it today.

  

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 1706. My recommendation is to maintain your current position and stop placement.

 

SILVER: Maintain Long @28.10. Our current stop sits just below 32.80. 

 



MARKET FORECAST

Gary S. Wagner

Gold & Silver: today's lower prices have in no way damaged the current technical bullish uptrend. A renewed increase in volatility has become evident.

 

Short-term resistance in gold is at 1765, the most recent top, and then 1802. Even a dramatically lower U.S. dollar isn't driving the market in the way we would normally expect. It is simply that the current debt crisis in Greece has traders on edge, wondering how the end-game scenario will finally unfold. As the repayment deadline approaches, the E.U. continues to scramble and patch holes in its financial boat seemingly just hours before the next leak emerges.

 

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.