Gold Market Wire
News, analysis and commentary for gold traders and investors
The Technical Take
Gold Gets Stuck in the Box
April 27, 2020 - (Gold Market Wire) - Gold has shied away from the high at $1740, which is proving to be a real challenge. So back into the box it goes.
Call it $1680 - $1740. We're going to have to break out of here before a direction can be established. Gold continues to shy away from the $1740 level, and each time it looks slightly weaker than the last. Thursday's monthly closing is going to be important. Technically a small rally that doesn't get through resistance might indicate that May will be a "pullback" month, where we re-group. Gold has some challenges ahead, and as more time passes, an ever bigger explosion to the upside will be needed to establish the foundations of the next leg up. Barring that, we'll need to to sell off and re-group, or meander here in the box to wait for consolidation over time.