Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Bounces - But Fails to Recover
March 17, 2020 - (Gold Market Wire) - The important line of support for Gold at $1443 held yesterday. But in no way is 'recovery' in sight. The last session saw a low at $1451 followed by overnight buying which took us to $1518, but the market failed to hold. We're now back down, trading at $1483.
The best the bulls can hope for now is some consolidation above the important support at $1443.
The mass liquidation taking place its tough going on a small market like gold. And just to make matters worse, the overnight move higher in equities is starting to fade, which will likely drag Gold lower.
The Gold market is not out of the woods yet - not by a long long shot.