03/19/2012


Daily Outlook

Greetings!,

 

I have good news and bad news for gold and silver bulls. The good news is we've certainly found support as a market traded to an intraday low just above the 61% retracement last week. This intraday low at approximately 1634 seems to be very good support. The bad news is we have a limit on the upside that we have seen in the marketplace. Although we have seen good support, we have not really seen this market take off in the typical manner of an impulse wave. Nevertheless, I still believe that we have completed our corrective phase with an ABC correction. 

 

Fundamentally there has been no really strong news to propel the precious metals markets to the upside. Rather what we have seen is probably short covering and some buying the dip mentality. However before we really see these markets take off we will need fundamental data to correspond to a bullish precious metals scenario.

 

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 long in gold @ 1658 stop below 1625

Silver awaiting close above $33 to trigger buy signal

 



MARKET FORECAST

Gary S. Wagner

 

Gold & Silver: on a technical basis as I mentioned in our opening letter is my current belief that we have found solid support in the precious metals markets. While we have entered a long position in gold last week we are still awaiting a solid buy signal in silver. A move on a closing basis in silver above $33 per ounce would signal such a move.

 

  

 

Gold Chart

 


  

 SILVER 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.