Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold Fails to Clear Downtrend - Sell Off Ensues
August 15, 2022 - (Gold Market Wire) - As we outlined on Thursday, Gold's challenge was as clear as it could be, and Friday's positive day was the perfect head fake. All the appearances of a start to a new bull run....but without a solid shattering of the downtrend. Unfortunately for the bulls - that was what we needed. Anticipating the market rarely pays. Patience does.
The reaction to Friday's failure comes as no surprise - and neither does the sharp sell-off on Monday. Horizontal support at $1770 has held, so far. We need to stay above it to avoid another lurch lower.
Saved by the technicals, once more.