News, analysis and commentary for gold traders and investors

"Be Right - Sit Tight"

Jesse Livermore
Gold Market Wire... Gold Market Wire... Gold Market Wire
Gold Market Wire... Gold Market Wire... Gold Market Wire
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Gold Market Wire

News, analysis and commentary for gold traders and investors

Gold Market Opening

Gold Opens the Week Flat

August 10, 2020 - (Gold Market Wire) - Gold has opened in the European a.m. on a quiet note and is virtually unchanged from Friday's close. December (CME) Gold futures, the most active contract right now, is up $15 an ounce. (*note: our prices are on a 24 hour Central European Time clock, referencing the cash market... they are not based on the COMEX close.)The market is now searching for the long awaited pullback from the recent rally, with buyers waiting in the wings everywhere. If we get it, it seems likely to be a short-lived affair. We would be remiss if we didn't note that when the world is waiting for a pullback to buy, sometimes it never happens. As Richard Russell opined, decades ago, it is the market's job to drive you to the absolute point of frustration and despair, before doing exactly what you knew it would do all along. Sage words in memorium from King Richard, as he was known.

This morning we take he time to look at one of our favorite indicators - volume, and what it revealed on Friday.

volume had the biggest day in over 4 months.

We have to acknowledge that volume with respect, and note that major funds, always somewhat late to the game, may be coming in to the market now. The also like to place orders at week and month endings, when the portfolio algos tell them what to do...so chalk up one point for human anticipation, outperforming the machines!

Volume has been our best indicator for months, if not years, in this market and it may be preparing us for another leg up. It is worth remembering that Gold and Silver (especially), are small markets, and just an small shift in asset allocation out of Treasuries or equities into precious metals can cause the market to make a serious move to the upside.

The news cycle over the weekend was alight with Trump's plans for deferred taxation, which he has challenged the Democrats to move against. Political strategy is in the air, and the groundwork may be being prepared to push Biden out of the race for President. As the days tick by, however, it is getting late in the game for the 'jackass'. If they spring a candidate on the electorate - it will have to be a recognizable name. Rumours are thick that Michelle Obama could be it. Her odds as a nominee have shrunk from about 100/1 three months ago to only 25/1 now.  A huge outsider, but then again, Trump was never supposed to win.

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