Gold Market Wire
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Gold Bounces as US Dollar Retraces Some of Its Gains
March 9, 2021 - (Gold Market Wire) - Gold is bouncing this European a.m. as the recent, robust, US Dollar rally takes a pause. The chart lays out the picture:
![](https://assets-global.website-files.com/5d754afa7a6dfa49fd253976/604737a959b5c17fe9af3fe7_Screen%20Shot%202021-03-09%20at%209.53.07%20AM.png)
For the spec side of things we're inclined to take a punt (only a punt) here on the long side, with the idea that a reversal of 'some sort' could be shaping up. We have had one hell of a huge down draft and the chart is starting to look like a bounce could develop. With that in mind - some length. Yesterday's US Dollar support line at 1.1880 has held, and this encourages us for some speculative length.
![](https://assets-global.website-files.com/5d754afa7a6dfa49fd253976/604739adc72e571e60cb67f0_Screen%20Shot%202021-03-09%20at%209.58.57%20AM.png)
We don't doubt that the shake out in Gold has been an extreme one - and we also know that the $1680 gold level has been a long term, critical level - so a bounce of mention could develop. Lets see if New York thinks the same.
It's a 'spec' no doubt - and not a 'position'. Let's see if we get some traction.