02/28/2012


Daily Outlook

Greetings!,

 

There can be no doubt my concern yesterday that the precious metals markets had hit a point of resistance rather than consolidation is no longer warranted. After consolidating at a defined resistance level, both gold and silver have broken out hard to the upside in trading today. A weaker U.S. dollar as well as technical buying were cited as primary motivating factors for today's surge in gold and silver.

 

Noteworthy today on the E.U. debt crisis was a statement byStandard & Poor's, the rating agency. They said that "Greece is in a default status in its ratings." Currently traders are waiting for an infusion of liquidity by the European sovereign banks,  earmarked for Wednesday. How this liquidity infusion is perceived by the marketplace could give us great insight.

 

Silver seems to be dominated by a bullish faction, moving the market higher, trading the metal at $37 per ounce at close today. As you will see in my video today there is definitely more room for upside in my opinion.

 

As always wishing you good trading,

  

Executive Producer
The Gold Forecast

gary@thegoldforecast.com 

On Skype Gary.S. Wagner

       Today's video 

  

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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: I posed a simple question yesterday. Were we currently witnessing a consolidation in gold and silver prior to a breakout, or was this a potential pivot point which would be followed by a small correction? The answer today is abundantly clear. The market has consolidated and with this breakout I believe our next real target in gold is $1800. Today's video will look at upside targets and potential resistance points for both gold and silver. 

 

Gold Daily Chart

 


  

 SILVER Daily Chart:

 

 

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.