News, analysis and commentary for gold traders and investors

"Be Right - Sit Tight"

Jesse Livermore
Gold Market Wire... Gold Market Wire... Gold Market Wire
Gold Market Wire... Gold Market Wire... Gold Market Wire
***
USA to Withdraw 12,000 troops from Germany. NATO's Europe Strategy in Tatters
USA to Withdraw 12,000 troops from Germany. NATO's Europe Strategy in Tatters
***
UK Appeals Court Overturns Judgement recognizing Venezuela's Opposition - - Opens Pathway for Repatriation of UK Held Gold
UK Appeals Court Overturns Judgement recognizing Venezuela's Opposition - - Opens Pathway for Repatriation of UK Held Gold
***
Federal Reserve Chairman Powell Makes Plea for Increased and Extended Monetary Stimulus
Federal Reserve Chairman Powell Makes Plea for Increased and Extended Monetary Stimulus
***
Covid-19 Cases Climb as Deaths Dwindle
Covid-19 Cases Climb as Deaths Dwindle
***
Fitch Ratings Calls 2020 "Record Year" for Sovereign Defaults
Fitch Ratings Calls 2020 "Record Year" for Sovereign Defaults
***
*** 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

The Technical Take

Gold Backs and Fills

March 9, 2020 (Gold Market Wire) - A good initial opening for the Gold market today. A move higher, then a back and fill which held Friday's lows easily. Not too hot, not too cold. Backing and filling makes for a sustainable rally, so, a solid sign that this rally has some legs.

the market takes a leg up and holds

Doesn't really look like a flash in the pan/vertical move, a parabolic blow-off or a rally that fades into a fizzle. It has the hallmark of a rally settling down to gather strength and move higher. We still have some resistance to clear at $1700 and $1740-50, but the market looks in good shape. $1646 - the wall that stalled us - looks like its fading in the rear-view mirror. It's been cleared nicely now.

It's hard to see, short of a massive and abrupt sounding of the 'all-clear', how gold is going to move lower. The Central Banks must be working full-time on messaging their latest reason to provide yet more liquidity into a market where banks won't lend to each other, people are so scared they're afraid to spend a penny and the velocity of money is grinding to a halt so quickly they'll have to start handing out $100 of the street corner, with a 'use or lose' expiry date.

And in that deflationary environment - gold holds steady.

Not bad in a world seemingly gone mad.

www.goldmarketwire.com

< Previous articleHome pageNext article >
<- Go Back