Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Snaps Back As Equities Recover
May 13, 2021 - (Gold Market Wire) - The Precious Metals are shadowing the vicissitudes of the stock market, as the trading community attempts to evaluate if the equity sell-off has abated, and the rally is ready to resume. Here's the DOW chart:
All in all the Daily chart reveals some symbiosis. The metals are at the mercy of Equities - much as we thought. But, really, the interesting facet is how well the Metals have held up. There was a pullback, yes, but the market didn't get spooked and collapse like it has so often in the past...and, equally interesting, the Metals didn't move first, and anticipate the market. That has been a recurrent theme for months now. For us, that shows that the metals are garnering some real, central, core strength. And that is the real take-away from the past two days of trading. We're encouraged.
Let's see how equities finish out the week.