Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold Lurches Lower
October 28, 2020 - (Gold Market Wire) - Gold has made its most significant move in over two weeks - to the downside. Right when it looked like volatility was dead until after the election, Gold falls back into our channel with some depth.
Most importantly, Gold has taken on the 100-day moving average to the downside, and won the initial battle. It will be important to see if it holds for the close. Low volume sell offs can be dramatic events that get reversed quickly, so we are still reluctant to read too much into it.
Here's our channel before the move:
Although speculative, could Gold be fading a Trump re-election? The initial market move of a Trump win would probably be to the downside, and the reverse if Biden wins - so it is a possibility. But these considerations are merely short-term in nature. We remain in the midst of a monetary crisis, which will soon intensify - no matter who wins the upcoming election.