05/22/2012   Daily Outlook

Greetings!,

 

As we watch the continuing saga the European Unions debt crisis unfold, we see a the precious metals markets under significant pressure again today. An extremely strong US dollar and significantly lower crude oil prices have put downside pressure in both gold and silver.  

 

Tomorrow the leadership of the European Union will meet for a summit in Brussels. The critical topic which will be discussed is what are the necessary steps needed to begin to fix the sovereign debt crisis, specifically the current scenario with Greece.  

 

Reports surfaced today quoted the former president of Greece calling for an exit of their country from the European Union. Of course the ramifications of such an action would be potentially a tinderbox for the EU as we currently know it. Also reported today was the credit agency Fitch downgrading Japan's debt rating, something out of left field. 

 

These factors which have put significant pressure on the precious metals markets most critically the strong US dollar could initiate further selling in both gold and silver. The underlying word today needs to be caution as we watch history unfold in the European Union. 

 

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 & SILVER :

 

 Gold:  long @ 1589 stop below 1550

 

TAKE STOPS TO MARKET UNDER ANY SELLING PRESSURE 

 

Silver:  long @ 28.43 stop below 28.00

 

 



MARKET FORECAST

Gary S. Wagner

 

Gold & Silver: as we spoke about yesterday both gold and silver have hit  major resistance areas as these markets attempt to overcome the tremendous pressure placed on them by a strong US dollar. On a technical basis today's video will look at major support areas in both gold and silver.

 

Gold Chart

 


  

  

 Silver Chart:

 

 

 

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