Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Opening
Gold Starts Building Strength
October 9, 2020 - (Gold Market Wire) - Gold is continuing to build strength this European a.m. as the main horizontal resistance at $1906 has been firmly cleared. A solid close at the current levels of $1914 or better will put the metal in solid shape to move higher. Our chart update:
Right now Gold is painting a solid picture to close out the week on a strong note. No doubt about it - we are getting bullish and getting ready to establish length if the current chart action can hold into the close. We can also choose to take some trading length on a pullback here. Our next horizontal resistance is situated around $1921, which we show below (in red).
Indeed, that level may prove more formidable, but once firmly surpassed Gold's potential for a significant rally will really start to take shape.
Cautious length is the order of the day - but the picture "encourages courage" in the trading arena. The core position additions have served us well (discipline!) and the small spec length on the Trump stimulus delay news-flash did its job - fading the micro-flush out. (Is stimulus ever going to go away...after all these years? No. Not until the Dollar has been wiped out.)
Is the bottom in for Gold? It could well be. We await the New York opening, eagerly.