05/23/2012   Daily Outlook

Greetings!,

 

Today's trading activity in the precious metals markets can be best described as a roller coaster ride. We have witnessed major knee-jerk reactions as traders waited for any type of new news coming from the European Union. The E.U.'s summit meeting yesterday produced statements by the former Greek Prime Minister, which in essence said that intensive discussions were currently taking place that include Greece leaving the European Union. 

 

This set off a major panic as the Dow Jones Industrial Average fell over 100 points before recouping those losses to finish flat near the close of market today.

 

German bond yields traded at a new record low in auctions held yesterday. Most important and significant is the current strength of the U.S. dollar, which traded to a brand-new 20-month high as traders look to the dollar as a safe haven investment rather than gold. 

 

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 :

No Position

 

Stops were taken to market yesterday  



MARKET FORECAST

Gary S. Wagner

 

Gold & Silver: for the second time in a week we have seen gold retest a significant low.
$1520 per ounce has been a low that has held since the correction began this year. As much as this price point shows significant support, we need to see confirmation before issuing any kind of a buy signal in gold. There is still the opportunity for more downside in gold prices. Silver has continued its downward trend but unlike gold has not had the volatility seen in the precious yellow metal.

 

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.