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:
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.
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.