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Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Traverses the Channel High to Low
February 29, 2020 (Gold Market Wire) - What a day for Gold. The entire channel was traversed, high to low, and the bounce happened right on the point of the channel defining trend line. That's pretty close to a bullseye... well, about as close as you can get in this market.
We noted at the top that the market was slipping and it was time to step aside, as the market started to get insecure...and sure enough, we dropped like a stone.
We could see a bounce on Monday, but this market needs to settle down - and is best avoided... from the long and the short side.
Liquidation, when it happens, takes all boats underwater. But not all boats recover in the same way. Stocks performed and amazing turnaround on the close, but Gold really didn't. To us that means there could well be further downside. A lot of damage was meted out on Friday - and it will take time for the market to work it off.
2020 is shaping up to be a very choppy year - in just about all markets - gold included.