Gold Market Wire
News, analysis and commentary for gold traders and investors
The Technical Take
Gold Rally Fades - Fight for the Close Begins
March 20, 2020 - (Gold Market Wire) - The early enthusiasm in the Gold market has waned, but the market is still holding up in positive territory for the day....barely.
Now the battle for the close will commence, and the line we drew earlier is being closed in on - right on target. The power downtrend and the long term uptrend line are converging, for a battle royale on the close.
We never got our set-up, so we didn't put the trade on this week. Upon reflection and with hindsight - that was a discipline that paid off.
The renewed strength in the US Dollar against the Euro isn't helping Gold as we head for the end of highly dramatic week. Spec length is bailing, wanting to go home flat for the weekend... a weekend which could bring just about anything.
...who could blame them?