News, analysis and commentary for gold traders and investors

"Be Right - Sit Tight"

Jesse Livermore
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US Bans American Banks from Purchasing Russian Sovereign Debt
US Bans American Banks from Purchasing Russian Sovereign Debt
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Gold Market Wire

News, analysis and commentary for gold traders and investors

The Technical Take

Gold Falls Through Support at $1500 - Quickly touches $1456

March 16, 2020 - (Gold Market Wire) -With the break of the support we identified this European a.m. - the market quickly dropped $50/.oz. Another day - another gaping downdraft.

That is the sound of liquidation. Right now, there are few, if any buyers of precious metals. Turmoil is cascading through the markets. European equities are having a calamitous day - with some markets falling as much as 11% from their Friday closing. People are capitulating.

As we mentioned last week - the trips down take a lot less time than the trips up. That's no different today.

Six Down Days in a Row

Next support isn't very far away now. $1443 - and its an important one.

next up: $1443

If we head through that level and start closing below it, the damage will be more lasting. So, we stand on the sidelines and wait. It might even be more disciplined to turn the whole show off and simply watch movies or light-hearted sitcoms. At this stage, relentlessly focussing on the screen all day is both undisciplined... and a threat to your spiritual health.

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