Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Opening
Gold Downtrend Getting Established
March 31, 2020 (Gold Market Wire) - Gold's downtrend is starting to form as the quarter comes to close. Yesterday we recommended a small spec short and today we hold on to it. The market needs to reclaim $1635 on the close today to have a chance to turn back up and move higher, but a stronger US Dollar is going to make tough work of it.
The morning's focus is all on the US Dollar, now 1% up against the British pound and .5% higher vs. the Euro. Gold has its work cut out for it. The power Uptrend failed yesterday and that means pressure on Gold.
What refuses to go up will start to head down.
If you've been lucky enough to be short volatility the past week. It could be a good time to get flat.