News, analysis and commentary for gold traders and investors

"Be Right - Sit Tight"

Jesse Livermore
Gold Market Wire... Gold Market Wire... Gold Market Wire
Gold Market Wire... Gold Market Wire... Gold Market Wire
***
Hungary and Poland Set to Veto EU 7-year Budget
Hungary and Poland Set to Veto EU 7-year Budget
***
UK Appeals Court Overturns Judgement recognizing Venezuela's Opposition - - Opens Pathway for Repatriation of UK Held Gold
UK Appeals Court Overturns Judgement recognizing Venezuela's Opposition - - Opens Pathway for Repatriation of UK Held Gold
***
Fitch Ratings Calls 2020 "Record Year" for Sovereign Defaults
Fitch Ratings Calls 2020 "Record Year" for Sovereign Defaults
***
*** GOLD MARKET WIRE ***
*** GOLD MARKET WIRE ***
***
Subscribe to receive our monthly report
Market Info
Feature coming soon.
Thank you for your patience

Gold Market Wire

News, analysis and commentary for gold traders and investors

Gold Market Update

Gold Charges through Resistance

November 7, 2020 - (Gold Market Wire) - A strong Friday close was what we were looking for and a strong Friday close is what we got. The buying on the close was significant and we pushed through the resistance point to settle comfortably above. The market is properly strong and looks ready to run further.

textbook stuff for Gold

The bulls have made their case. Thursday's enormous blow-out was consolidated on Friday. A classic bullish move. Coming on a Friday it only gives us more confidence. This is a proper leg higher. There is no point constructing a power uptrend line (yet) because the leap higher was so strong, over a single day, that the line would simply be vertical. That is the sign of a proper 'leg up'.

Not much can be expanded on the chart. Gold looks ready to run.

Silver also legged higher, but has a resistance point to overcome. We have little doubt that this will shortly be accomplished...perhaps overnight in Asia.

50-day moving average (orange) nicely cleared.

Silver gained 8.29% on an 11.33% high/low range for the week. Quite the performance. The market has $30 in its sight and a lot of energy behind it. Our scale down buying program for the core position worked out fairly well, getting filled at $24 and $22. This is now held as a reserve.

So that's the wrap for the election week. One of historic proportions, due to a mired and fundamental controversy that is now going to be a permanent feature of American electoral life. Such are the machinations of fading empires. The western world is in turmoil, and a fair bit of the economically outperforming east is as well. None of it makes for good news. But the metals are doing their job is hedging what is shaping up to be an era of collossal, global crisis. We are reminded of the sage words of none other than Mr. Gold himself - "Only a madman wants to see Gold at $5,000 an ounce." It looks like the reign of madmen may well be upon us.

< Previous articleHome pageNext article >
<- Go Back