November 3, 2020 - (Gold Market Wire) - Gold has snapped back from its recent sell-off and is looking at the 50-day moving average as its next challenge. The downtrend has been cleared, but as we experienced throughout October, the question is - can it hold for an end of week posting? We've sold off in the past few days down towards the recent lows and snapped back. That's a positive sign for the medium turn. The chart shows the recent action and the cleared downtrend.

Perhaps unsurprising, our featured performer, $1906, continues as the gravitational point. It's role as a fulcrum is obvious. The 100-day has been re-gained and the 50-day closes in. We have a small power uptrend building over the past three days.

It would be too facile to say that the sell-off is behind us, but neither can we dismiss it. We got down towards $1850 and put in a very classical reversal on the last two days of October. Of course the US election has a role and that should keeps us on the sidelines, but the market is looking good.

Strategy: If Trump wins, and that is unlikely to be clear for a few days, the Gold market could sell-off. If it does, it will likely present a very good buying opportunity.

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(update on Monthly Report: Our monthly report has been delayed by considerations surrounding the election, but will be released shortly. There were simply so many 'unknown knowns' - to reverse that phrase - that need to clear first that we have decided to wait for tomorrow to take in any type of monthly perspective. We thank our subscribers for their patience.)