Gold Market Wire
News, analysis and commentary for gold traders and investors
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Gold Touches Down on the Trend Line
August, 21 2020 - (Gold Market Wire) - Not unlike our recent missive on Silver, Gold also has something of a conundrum in the crosshairs. This European a.m. we have turned to the downside and now one of the major trend lines comes into the picture. The shape of the trend makes a speculative long worthwhile - but only on the leash of a fairly short stop. We could downdraft to $1903, where the horizontal support comes in, in fairly short order, should we give way, so be prepared to cut if it goes against you.
This most certainly is a 'spec' buy, and belongs only to the "wild-eyed" gamblers of Harry Schultz fame. You'll have to be fairly merciless about cutting it if it goes against you - so if you're the type that stands around and watches positions go against you, while the trigger finger gets paralysis - stay away!
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