News, analysis and commentary for gold traders and investors

"Be Right - Sit Tight"

Jesse Livermore
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US Bans American Banks from Purchasing Russian Sovereign Debt
US Bans American Banks from Purchasing Russian Sovereign Debt
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Gold Market Wire

News, analysis and commentary for gold traders and investors

Gold Market Opening

Gold Searches for a Bottom

March 5, 20201 - (Gold Market Wire) - Horizontal support in the vicinity of $1685 continues to hold the Gold price in its spell and yesterday's word of caution now seems prescient in retrospect. The Gold rout is continuing. Trying to pick a bottom in an environment like this is a fools errand - so let's just see if we stop around support. Frankly speaking, this is no time to be long and no place to be short. The sidelines, as we advised several days ago, was the only place to be. The chart shows why:

the perfect picture of carnage.

A more short-term chart reveals the parameters in detail:

Horizontal: c.$1685 ... channel c.$1648

Within all the mayhem, and in retrospect, the decision to leave the short gold/silver ratio trade was the right one. The 64-66 box we pointed out is now in the past...  we have broken out. We've touched some fairly important resistance..but we wouldn't get short here.

...glad we exited the short last week.

The markets are a mess, and the only position we hold, as has been the case for almost two weeks now, has been long the US Dollar. We see no need to amend any of that presently.

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