Gold Market Wire
News, analysis and commentary for gold traders and investors
The Technical Take
Gold Powers Ahead - Closing in on Resistance
March 23, 2020 - (Gold Market Wire) - Gold is rising sharply after the US Federal Reserve announced an unlimited QE program of purchasing Treasury Bonds and Mortgage Backed Securities, along with plans for assistence to companies and individuals, in the most massive peace-time spending program in America's history.
Gold has moved up sharply on the back of the news and is closing in on resistance.
On a closer look:
Seeing as we are in a repeat of 2008, but with infinitely more problems, Gold is staged to rally.
It is time to be long the market. The reversal pattern on the 18th and 19th is clear and looks like a double bottom. Today's action is building an uptrend movement with a classic bull flag. We should take out $1558.50 in short order and then face the 20-day moving average. The power downtrend that has been with us for the past fortnight is nullified.