05/07/2012   Daily Outlook

Greetings!,

 

There's a new sheriff in town. Or perhaps "gendarme" is a more appropriate word? This weekend's elections in Europe could easily shake up the austerity measures now in effect in the E.U. Campaigning on a platform to challenge current austerity measures the new French president has vowed to overhaul things up a bit.

 

This change in leadership in France was supportive of the U.S. dollar and at the same time we saw safe haven buying. This push-pull scenario we witnessed in gold today concluded with nominally lower prices in the precious yellow metal. What is in store for the E.U., and their current austerity measures is anyone's guess. We will have to wait and see.

 

Characterized by analysts as a risk off day, we witnessed only nominally lower pricing in gold and silver.

 

 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 :

 

 Gold: Maintain long in gold @ 1650 avg Stop below 1623 

 

Silver:  Awaiting trigger... no position

  

   



MARKET FORECAST

Gary S. Wagner

 

Gold & Silver: silver continues to trade in its downward channel, so we expect lower pricing in silver for about another dollar. Gold, on the other hand, on a fundamental basis has been receiving mixed messages, and on a technical basis continues to hover at the baseline of support.  

 

Gold Chart

 


  

  

 Silver Chart:

 

 

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