Gold Market Wire
News, analysis and commentary for gold traders and investors
The Technical Take
Gold Battles for Next Leg Up
March 24, 2020 - (Gold Market Wire) - Gold has had a strong move up in Asian trade as Swiss refineries shut down and the scramble for liquid, tangible wealth continues. After touching a high at $1585, Gold has settled back down and is now looking to consolidate the gains of the past two days. We called the double bottom yesterday, the candlesticks revealed the turn clearly, and we advised length. That has been rewarded. Now let's see if we can hold on to the advance.
We've had a strong move up over the past 24 hours. Wild-Eyed gamblers and the aggressive position takers can add to length here. The closing of the Swiss Gold refining system, which refines 90% of the world's gold, will take supply out of the market, and may cause a scramble for physical. Coin dealers are buying better than spot in some places - something you don't often see. The growing concerns over the health of the banking system and the general weakness in equities is adding to the demand for Gold.