Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Opening
Gold Climbs to Resistance Line
December 8, 2020 - (Gold Market Wire) - The slingshot continues to develop as Gold approaches the line of resistance. The market has reversed sharply, after its sudden stop. It has regained $1850, an essential move, and has kept the chart pattern alive. Now for the tough part - the top part of our band from $1850-65.
On the plus side, we have recovered the damage. The only detracting element is the near vertical rise from the last trading day of November. It is steep = but such are the requirements of a slingshot. Gold has done some serious work to recover the way it has. It could well be getting ready for the launch pad. But first, we need to clear the downtrend.