Gold Market Wire
News, analysis and commentary for gold traders and investors
The Technical Take
Gold Set-Up Fails to Materialize
March 18, 2020 - (Gold Market Wire) - The set-up for gold failed yesterday, and we remain on the sidelines. April COMEX settled at $1525.8 and left us out of the picture.
With the failure the power downtrend re-asserts itself, as we see here.
The big headwind for gold - the ever-stronger US Dollar will present challanges to Gold. More and more the Dollar and Gold are trading together... but it's not consistent. Right now, we remain 12% off the high - a lot better than Equities or the massacre in Bitcoin, which was promptly halved, but still, Gold is living with the viccisitudes of the mighty US Dollar. The one everyone loves to hate...but still remains the strongest currency in the world.
With the US Federal reserve as the last liquidity provider on planet earth... is there any wonder why?