March 2, 2012 The Weekend Report
Greetings! 
 
Three steps forward and one step back, nothing more, nothing less. However, that one step back was as steep as they get. Gold witnessed the largest single day drop in three years when on Wednesday we saw the market nosedive, breaking below 1690. As gold approached $1800 and in the blink of an eye, we would witness a single day drop that would give back 38% of the gains realized this year.
 
The bottom line is, in a real sense, nothing is changed. The fundamentals driving the precious metals markets are still for the most part firmly in place. The U.S. Fed chairman in  testimony to Congress did state the economy is starting to pick up. But we are far, far away from a full-blown recovery from this recession. It was not what he said but rather what was omitted from the testimony. No mention was made of quantitative easing. That being said, as I mentioned yesterday, the central banks of the European Union will be adding huge bursts of liquidity and to do that they will be using some sort of quantitative easing in the mix. 
 
Today's video will once again look at my long-term forecast for gold this year. One of my reasons for viewing the chart again today was to underline the fact that my long-term view on gold pricing has not changed at all.
 
On a side note, this week I have added an iPod compatible version of the daily video. Today I have changed that format so that the regular video is in high definition. For those who use an iPod please send me an e-mail with comments so that I can be certain that the quality is up to par.
 
Wishing you was always good trading,
 
 
Executive Producer
The Gold Forecast 

gary@thegoldforecast.com 

On Skype Gary.S. Wagner 


 

 

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Proper Action

 

 

GOLD: Long on 01.02.2012 @ 1580 our stop was hit below 1706 so trade 1 of 2012 was a nice profit 1700-1580 = 120 profit which equals 12,000 per 100 ounce comex contract Return = 120%

 

SILVER: Maintain Long @28.10. Our current stop sits just below 33.80. if we see any continued signs of weakness we will look to cover that position rather than let it hit our stops. As we have very nice profits, we want to take as much of those profits off of the table as possible.

 

 




MARKET FORECAST

Gary S. Wagner

   

GOLD AND SILVER: On a technical basis both gold and silver stalled at a resistance area that we had identified in the market last month. It is my belief that we have just concluded our intermediate wave one. This intermediate impulse wave will be followed by a counter wave wave two. This is where our current wave count stands. Today's video will look at upside areas to identify if in fact the drastic sell-off witnessed on Wednesday concluded our "A" wave. We will plot logical pivot points for a "B" wave. 

Weekly Gold Chart

   

 


Weekly Silver 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.