Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Opening
Gold Feels the Heat
June 15, 2020 - (Gold Market Wire) - Gold has failed to clear the downtrend line which characterized so much of last weeks attempts to move higher. This European a.m. it has fallen firmly back into the downtrend, portending lower prices.
This failed attempts have taken ahold of the market and there is little to stop a further sell-off. The 50-day Moving Average comes in at $1711, and will need to hold. If not, we can expect a further move towards the horizontal support at $1683, which has been our lower bound for some time now.
Silver has fared no better, with the downtrend accelerating this morning. The uptrend line has been broken. Lower prices await.
Riots continue across America and spill over into Europe as well now. But none of this is adding to the precious metals' prices. That, in and of itself indicates a weak market. The continuing pressure on equity markets is not adding any support as a general market liquidation is gaining traction. Oil, stocks, bitcoin and the precious metals are all down over 2% this morning, as the US dollar finds strength. It's a heady mix that is making for a serious headwind for Gold and Silver.