Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Has Gold Flushed the Weak Length?
July 7, 2020 -(Gold Market Wire) - Gold is having an interesting session today as the chart indicates a bit of tree shaking to flush out the weak length. It is a necessary pre-requisite of a step higher in a bull market. The weak length is the energy food that the bull feeds on, and today we may have had just such a small 'feast' for the Oxen. The last time we were higher than today was on October 5, 2012. That is no small achievement.
Equally encouraging, the rising overhead resistance is getting challenged again, but this time with all the energy we've built up from the early move down. It's a picture that is coming together and developing well. Gold seems ready to make a move to $1800. The "drift down" scenario is losing strength. The charging bull looks ready to take command of higher heights.