Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold Moves Back into the Channel
September10, 2020 - (Gold Market Wire) - Gold has bounced off yesterday's horizontal support, and while still living under the sword that is ever-present concern of an over-bought equity market, it has, nonetheless moved back into our main channel.
Will we hold on to the close Friday? That's anyone's guess right now, but the specter of the equity market looms. The recent pullback was short and shallow, and that give cause for concern. It's not really what a correction should look like.
As we can see on a closer look, the horizontal support held up well, and the minor resistance around 1955-7 has been bettered.
If we get a weekly close at the levels or higher, i.e. within the main channel, it may be time to add length with a view to moving higher within our main channel.