Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Opening
Gold Clears May Intra-Day High
June 24, 2020 - (Gold Market Wire) - Gold has settled into the new, rarefied altitude and is feeling its way higher, slowly. With the clearing of the May 18 intra-day level of $1765.38 yesterday, we are now trading at levels we haven't seen since October 2012. We note two emergent trend lines, almost parallel - but not quite.
An interesting formation for our new market. Most likely we will see Gold move down to test the first uptrend line, to see if it can galvanize the strength needed to maintain the recent gains. The lower boundary comes in at $1739 today, and is the level we need to hold to keep the move in tact.
Zooming in for a closer look:
If you're overweight, a little lightening could be in order here, with a look to re-establishing that excess on a move lower. The market should not just run away to the upside now, and neither would that be a good thing. If we get down towards $1743, further buying could be re-established at that level as well.
Avoid the temptation to chase the market at these levels.