03/12/2012


Daily Outlook

Greetings!,

 

The precious metals markets, including gold and silver have been trading lower under pressure today. Gold broke below 1700 per ounce to a low of 1693; as of this writing it is trading just at $1700 per ounce. Gold and silver were pressured lower along with the rest of the commodity market as reports surfaced that China is experiencing a rather dramatic slowdown in their economic growth. According to Bloomberg news, China's February trade deficit was its worst in the last 22 years. China also reported its weakest January-February factory production levels since 2009.

 

Lower crude oil pricing also weighed and put bearish pressure on the markets as did a stronger U.S. dollar. The U.S. dollar as been trading in both positive as well as negative territory throughout the day, remaining basically unchanged. However, the dollar did hit a fresh four-week high last night. 

 

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 & SILVER  ...  

Maintain current position

 

Long gold @ 1700 stop below low (1665) 

Long silver @  33.80  stop below low (32.50)

 



MARKET FORECAST

Gary S. Wagner

 

Gold & Silver:  on a technical basis both gold and silver remain under pressure with the inability to break above critical key resistance areas: 1725 for gold and 34.98 for silver.

Our current trade is only looking at a bounce from our "B" wave. Although I did not expect tremendous upside movement, this sideways movement presents potential for downside activity, specifically gold breaking below 1700. However, the verdict is not in and we will need to pay close attention to the market over the next few days.     

 

Gold Chart

 


  

 SILVER Chart:

 

 

Copyright (c) 2009 - 2012 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.