Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Opening
Gold Crosses the 50-day Moving Average
Gold Market Wire - (November 5, 2020) - Gold has successfully cleared the 50day moving average and looks ready to power ahead. The downtrending line has been broken in earnest, and the market has done some good initial work.
Needless to say, we've been here before, and been set back. Right now the 50-day m.a. cleareance is only intra-day, but if we get a close above it, it will be time to get the buying boots on. We can see some horizontal resistance around $1929, but we're prepared to establish length with a Friday close above the 50-day m.a.
As America decends into eletoral chaos, anda potential Biden Presidency, there is a lot of tailwind at Gold's back. Right now the indicators are good, but, as ever, it is best not to anticipate the market. It may cost afew dollars in upside, but that is worth it for avoiding a sharp sell-off.
Let's see what New York brings.