News, analysis and commentary for gold traders and investors

"Be Right - Sit Tight"

Jesse Livermore
Gold Market Wire... Gold Market Wire... Gold Market Wire
Gold Market Wire... Gold Market Wire... Gold Market Wire
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Gold Market Wire

News, analysis and commentary for gold traders and investors

Gold Market Update

Gold's Channel Marked the Clear Waters

June 22, 2020 - (Gold Market Wire) - The downtrending channel that we first identified on June 11 turned out to be the winning indicator in our search for Gold's next move. Now, when we add the counter-trend resistance to that, we start to see the strength of the move, and the importance we placed on $1748 as a marker.

... the move out of the channel with the close was critical

As is so often the case, a end of week close in strength set us up for the big test, which Gold dutifully cleared this morning in Asian trade... opening right on the magic number of $1748, our horizontal resistance. That level had kept us hemmed in since mid-April and was also our main resistance in the rising overhead seen here:

A confluence of three main technical indicators in a little over one session - (channel, horizontal and oblique). Considering the amount of time spent building the base - establishing length here can't really be called "chasing strength." The market is strong.

We had to wait for three weeks into the month, but we finally got the June rally we had been calling for since April.

Gold takes patience, sometimes more than most can handle. Those that can handle it reap the rewards.

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