News, analysis and commentary for gold traders and investors

"Be Right - Sit Tight"

Jesse Livermore
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Gold Market Wire

News, analysis and commentary for gold traders and investors

Gold Market Update

Gold Moves Gently above Downtrend

May29, 2020 - (Gold Market Wire) - Gold is stealthily poking its head above the down-trending line established nine sessions ago.

...slowly coming to life

The early-birds in New York are taking the market up gently. The National Guard being called out in Minneapolis and the overtaking of a polic station by the rioting crowd aren't going to do anything to slow the advance of precious metals - that much is sure. Silver and Gold are feeding on each other and both sit at similar breakout points - just above recent downtrends. We could be getting ready to make a move and Gold traders will already be ready to put on some length. The fact that Gold opened today where it closed yesterday shows follow through. The gap up is now being established.

It's hard to see how length will withdraw from the market and go home flat givn then increasing tensions in Los Angeles and Minneapolis. The idea that shorts will be established isn't really a runner. May is all but done now, and our prognosis, set early this month, of May as a set up to a June rally looks ready to run.

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