Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Chart Update: Gold Weakens, Fights to Stay above Support
April 17, 2020 - (Gold Market Wire) - Gold is struggling to stay above the support in the $1685-90 gap and looks prepared to fall further, unless it turns around in short order. We posted yesterday that the bull was tired and the sidelines were the place to go to. On Wednesday we warned, "The run to $1748 was a classic frothy top. A lot of sparkling champagne, and no real strength, and to be frank, we don't like it."
A strong move under $1690 (closing - MOC) in today's US session means a speculative short is in order. The Bull Market over the past month has been a good one, but it has run out of steam.