Gold Market Wire
News, analysis and commentary for gold traders and investors
The Technical Take
Gold Moving Up Strongly. $1670 awaits.
Gold has finally moved through the horitzontal resistence at $1646, after knocking on the door for a few days.
Here's a look at the channel:
Friday's big fall is starting to look like a technical fake out to get the market to 'disgorge' length. But the bottom of the channel held, and has turned out to be the real technical buying point.
Gold has regained its footing, and now awaits the challenge at the top of the channel.