News, analysis and commentary for gold traders and investors

"Be Right - Sit Tight"

Jesse Livermore
RUSSIA AMASSING TROOPS ON UKRAINIAN BORDER after UKRAINE VOWS TO TAKE CRIMEA
RUSSIA AMASSING TROOPS ON UKRAINIAN BORDER after UKRAINE VOWS TO TAKE CRIMEA
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Gold Market Wire

News, analysis and commentary for gold traders and investors

Gold Market Opening

Gold Closes in on Horizontal Support.

May 7, 2020 - (Gold Market Wire) - Gold has sold off towards the horizontal support line around $1682, and will have to work to get above the downtrending line above which is the first hurdle to restart any rally.

the market's parameters are closing in

Our first small spec around $1680 gave us the chance to establish a little length and the ride up last night provided an opportunity to rest a profit-taking sale. The stop out line is still around $1673. We'll have to be nimble in a market like the, but the same trade could be tried again for the wild-eyes gambling type (as Harry Schultz used to call them).

The market will have to resolve itself before long and for those with a longer outlook than a few hours, establishing length (again) around $1680 can be used as a small, first entry point. We still think Gold is carving out a bottom in May, from which we can rally into June. But the possibility for a decent shake out of weak length is always present in the Gold market. There is nothing COT and the 'gang' like better than to "tree-shake" weak-length out of the market. So if you establish length here, size it right (!). If we get a further sell off you can add to the position in greater size when we get the down draft.

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