Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold Falls Beneath Trend Line Again
March 18, 2020 - (Gold Market Wire) - Gold is falling below its trend line today and looks ready to close there. It's not a good sign Although we have traded there before, we have always managed to close above. Now we run a new, more worrying, risk - that is - if you're bullish. That's why we waited for the proper set-up yesterday. We didn't get it - and we didn't enter the market. Discipline. You cannot trade based on hopes and fears. A better entry point looks likely... but we still need to be convinced that $1443 is going to hold. That will take some doing. The sidelines look like a very safe place, and this is where we stay.
Liquidation across all markets is proceeding apace. The hunt for liquidity means a hunt for US Dollars, so it is no coincidence that the US Dollar had one its most extraordinary days - especially against the British Pound - where it traded at its lowest level since 1985. We may yet return to to parity.
These are troubled times we live in. Banks in Europe may close and there is a palpable sense of fear in the air.
Stay liquid! It is what everyone is trying to do. This is no time for speculation.