Gold Market Wire
News, analysis and commentary for gold traders and investors
The Technical Take
Gold Fights Back Above $1649.50
We moved through the horizontal support line at $1649.50 yesterday - and got the downdraft immediately. But it only shed about $8, before the after-market picked up the baton and started fighting back.
![](https://assets-global.website-files.com/5d754afa7a6dfa49fd253976/5e6881f0b99d172fb592f0c2_SS%203%2011%2020%202x.png)
Gold is fighting the good fight - to stay above the horizontal support.
![](https://assets-global.website-files.com/5d754afa7a6dfa49fd253976/5e687c536b69b7ae4b6180c8_SS%203%2011%2020%201x.png)
It's choppy out there. Seoul is reporting more Corona Virus cases, knocking the generally positive news from the East about the virus yesterday. That's giving a slight bid to Gold. Stocks are also retreating this morning in Europe, which is assisting the gold price. The Gold market is nervous but the built in risk-premium is under-pinning the price as we head into the European opening.