News, analysis and commentary for gold traders and investors

"Be Right - Sit Tight"

Jesse Livermore
RUSSIA AMASSING TROOPS ON UKRAINIAN BORDER after UKRAINE VOWS TO TAKE CRIMEA
RUSSIA AMASSING TROOPS ON UKRAINIAN BORDER after UKRAINE VOWS TO TAKE CRIMEA
***
*** GOLD MARKET WIRE ... ... GOLD MARKET WIRE ... ... NEWS AND INFORMATION for GOLD TRADERS AND INVESTORS ... ... GOLD MARKET WIRE
*** GOLD MARKET WIRE ... ... GOLD MARKET WIRE ... ... NEWS AND INFORMATION for GOLD TRADERS AND INVESTORS ... ... GOLD MARKET WIRE
***
*** GOLD MARKET WIRE ***
*** GOLD MARKET WIRE ***
***
Subscribe to receive our monthly report
Market Info
Feature coming soon.
Thank you for your patience

Gold Market Wire

News, analysis and commentary for gold traders and investors

Gold Market Update

38.2% Fibonacci Retracement Touched

November 30, 2020 - (Gold Market Wire) - Gold has touched the 2nd Fibonacci Retracement at 1766, as weakness persists. It is a not unlikely place to stop for a while, and the potential for a bounce (not a recovery!) should increase now.

the Fib map...worth watching now, as Gold retraces hard.

We'll use this opportunity to shed a second 1/3 of the short position established at $1850, and hold the last third in reserve. Even market wipeouts don't go in completely straight lines, even though this one has been pretty much a free-fall from $1850, after the grinding multi-month decline. The market remains weak, but, as the saying goes, no one ever went broke taking a profit. The 50% retracement at $1670.48 is taking on a critical dimension, and if it fails, we could be in for a protracted period of weakness, that could last several weeks and even months. The damage to Gold is significant, and it has happened in the face of US Dollar weakness - - not a good sign for higher prices.

< Previous articleHome pageNext article >
<- Go Back