Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Opening
Gold Stealthily Creeps above the Rising Resistance
July 8, 2020 - (Gold Market Wire) - In a quiet European a.m., Gold is making a tentative move above the rising resistance line which has kept us from breaking out for several weeks. It's not happening during a very active session, but the signs look increasingly encouraging for the bulls.
So far, so good. The power uptrend is still in tact...over a month old now, and all those down drafts since July 1 have shaken the screen jockeys out of their length and left them on the sidelines. That is just what we need to see to clear the path for higher prices. Right now it's hard to see $1800 as much more than a minor psychological milestone. It's importance is limited.
This morning we've touched down on the power uptrend, again, just to check in, and then quietly stepped over the resistance line. A zoom of the above:
Right now it's all going according to a bullish plan. The "drift lower" we were concerned about ($10 lower) before looks vanquished... especially after those "hanging chads" on July 1, 2, 6 and 7. A close above the downtrend today will help a great deal.
There's a lot of 'headroom' up here for Gold. The Bullish picture is almost in full flow now.