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"Be Right - Sit Tight"

Jesse Livermore
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Gold Market Wire

News, analysis and commentary for gold traders and investors

Gold Market Opening

An Indecisive Gold Market Looks for Direction

May 4, 2020 - (Gold Market Wire) - Gold's indecision is showing this European a.m., as the symmetrical triangle gets formed. It's a pattern formation that usually means a change is coming, but which way can't be established yet.

symmetrical triangle formation shows indecisiveness

Higher lows and lower highs makes for an indecisive market. Still, Friday's buying on the trip to $1670 certainly lends a bullish air to the proceedings, and there is a slight favor to the upside as the triangle has been formed in an overall bullish environment. But equities are opening up weak this a.m., with most markets off around 1%. It certainly looks like a calm before a storm. If we meander for a few days volatility will likely get sold off, and that could by an opportunity to pick up ATM premium, awaiting the outcome. At 21% for June it still remains rich.

The market has a six month higher high pattern in the bag, but the close wasn't above the previous month's high, which is a negative. The buying on the move to $1670 was encouraging for the bulls, but the last fortnight left several attempts to reclaim the April 14 high at $1748.19 in the bin. No wonder the market looks indecisive.

We'll have to wait and see if COMEX wants to follow through...and what it means for the triangle.

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