Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
A Look at Gold's Downtrend
September 7, 2020 - (Gold Market Wire) - Time to take a quick look at Gold's downtrend line to see the graphic on the forces at work. At least in the first instance, this is the trend that is defining the down move and will have to be bettered to get us out of the short=term bearish reaction we're having.
As we can see, the counter-trend moves higher got weaker each time. That's not a good sign for bullish momentum. Right now we've got a dead cat bounce in play and a fairly significant horizontal support coming in at $1902. If we fail there, we could be headed for a move back to $1800.