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Gold Market Wire
News, analysis and commentary for gold traders and investors
The Technical Take
Gold Moves Strongly Through Resistence at $1670
March 6, 2020 (Gold Market Wire) - Gold has followed through strongly after yesterday's move higher. The world is awaiting a wash of liquidity, as traders now expect Central Banks around the world will print money with no end in sight.
Yesterday's Technical Take identified the $1646.50 area as a resistance area, and once we crossed it (in some stealth we might add) Gold took on the next $25 with ease. The market is strong now, having gapped all the way to $1680 in the European a.m.
Above today's $1680, there's fairly clear sailing to $1700.
Today's close will be critical. If we close over $1680, the market will have achieved an immense amount, and will stand a decent chance at the "brass ring" that awaits above $1750.