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