Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Opening
Gold Retraces but Holds Support
May 19, 2020 - (Gold Market Wire) - Gold is calming down after its recent run up which took it to a new eight - year high on Monday. Right now the power uptrend has failed, while the immediate horizontal support remains intact. First up the power trend line along with the trend line from the March 31/April 1 low
Now the horizontal support, which comes in at $1729.
The market needs to rest for a while, especially after all the recent excitement in silver. It's been heady days, and it is worth remembering, as advised, that those who chased the market on Monday as it soared, and/or those who went "all-in" with that oft intoned mantra of money losers "this is it!" - got crushed again. Traders need to stay calm during the storm. Gold still looks good over the long-term, but the short-term can really throw out a lot of noise that can confuse those who are active in the market. Discipline remains, as ever, the key. If the trend line established with the March 31/April 1 low gets breeched on a daily close, it will be time to lighten up the length... and if it gets crossed on a weekly close, it will be time to re-consider the short-term run of the market. Perma-Bulls got killed from 2012 to 2016, which should have taught a lot of people the single truism of trading... the market is never wrong. It is only the individual's insistence that s/he is right... that is wrong.
No one is bigger than the market.