Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold Makes Its Move
June 11, 2020 - (Gold Market Wire) - Gold has come through fairly close to the wire, and is putting in a good showing. Now, the important part - the daily and weekly close.
Gold is fighting a hard battle today, and right now, is in position to win it. The downtrending channel had been pressuring Gold all morning, and getting above the line was no easy job. That makes the market's success all that more important. The fact that the power uptrend has held is indicating a market that is prepared to move higher. The angle, as we pointed out earlier today, is damn near vertical, and very difficult to maintain - unless, of course, the Bulls are in full charge. For the moment they are. Next up, our "nemesis" at $1748. If we can close above it, it will be another tick on the check list for the bulls. Then $1765.38, on a weekly close, after which we have some fairly clear sailing ahead.
The demonstrations in the United States are taking a severe toll on the country. It is rapidly becoming ungovernable. The retreat from a police station by authorities in Seattle is creating a veritable crisis of confidence across the country. Gold feeds on that, more than it feeds on the largesse of the Federal Reserve.