Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Opening
Gold Coming Under Pressure
March 30, 2020 - (Gold Market Wire) - Gold is under selling pressure this European a.m. as the US Dollar bounces back and equities continue to fall after Friday's weak close.
We issued a warning on Friday that the market was weak and to be avoided. On our chart we can see how the tenor of weakness has followed through in the European morning.
Small specs can establish a short position here as we run down towards support. Gold looks weak, and the move up in the US Dollar this morning is doing it no favours. The Euro went back under 1.08 last week, and the short-lived rally it had now looks like it was holders of US Dollars liquidating them along with just about everything in their book. This may intensify over today and tomorrow as the quarter comes to a close, giving abidto the Euro in the short term.
Unless we can reclaim the $1635 level, and in short order, we expect Gold has more downside ahead.