Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold and its Nemesis ... $1748
June 2, 2020 - (Gold Market Wire) - The old foes are the most resilient, and for the bulls $1748 has been a real one. Today, he drew his sword and with ceding parry, forced us to step back. Still we will attack again, and soon be successful. Patience and lack of margin is where our strength lies.
Those of nervous nature can cut some length if the Power trend line fails (silver has filled the complete gap now) to recover on the close - and hope for a move towards $1700 to re-establish. Our spec length last week on the failure of the downtrend was at $1724, but cutting for a reposition at $1700 seems a weak strategy and we remain with length.
On a somewhat related note, recent dollar strength against the Yen has put the currency back in the spotlight, even given the riots across America. The situation on Hong Kong is weighing on the Yen, which is the best barometer of Sino-American relations there is. If tensions continue to rise the 'widow maker' may yet find a new spouse.