Gold Market Wire
News, analysis and commentary for gold traders and investors
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Gold Starts Week on Firm Note
November 16, 2020 - (Gold Market Wire) - Gold almost cleared the downtrend line we've been using on Friday - but fell short. It was, typically these days, a very closely run thing. This morning, we moved above, and we are, essentially, treading water again.
Technically we've made it over the line - by sheer dint of the passage of time, but we remain below both 50 and 10 day moving averages. A minor power uptrend has developed over the past three sessions (if you count today's European a.m.), and it would be good if we could hold on to it.
If you like an extreme zoom in we are open to capturing the uptrend this way as well:
So - a slight fan wave developing.
We are working off the chart damage from the crash down on the 9th, and so far its going moderately well. Rallies, as we all know, take longer to develop in time than the one day sell offs, that bring instant carnage. We'd be remiss if we didn't point out the EUR/USD chart, which shows an important technical point which could cause the US Dollar some headache. Maybe we will finally get to 1.22. If so, we can expect Gold to move higher. Somewhere along the line, the political chaos being fomented in the USA is going to have an impact in the fx markets...and perhaps that is what we are starting to see.
A lot to keep the eyes busy this week, in these tumultuous times we live in.