Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Opening
Gold on the Precipise
October 6, 2020 - (Gold Market Wire) - Yesterday produced a solid day for Gold, as the down move was quickly bought back and the horizontal resistance at $1906 was cleared. It's not 'clear sailing' just yet, but things are looking better in the metal arena. A solid close above $1906, i.e. a repeat of yesterday, will lend encouragement to the bullish side.
It sounds like the engines are being revved up for a move higher, and if so, in the big picture, that was a very shallow pullback from the August high.
At the core of the potential for a solid move higher in precious metals is the fact that the commodity complex is working higher across the board. Not the least of these is wheat, which has moved up strongly and looks ready to go on an absolute tear.
And not to fail to mention mention...Corn
The commodity complex is turning, and the precious metals will go with it. If you want Alpha, Silver and Agriculture are the place to be. They look ready to make the astute investor very rich indeed over the next 2-3 years. Right now, Corn looks like the biggest long-term (meaning 1-4 years) give away we've seen in ages. Prepare accordingly.