News, analysis and commentary for gold traders and investors

"Be Right - Sit Tight"

Jesse Livermore
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Gold Market Wire

News, analysis and commentary for gold traders and investors

Gold Market Update

Is Gold Building a More Encouraging Picture?

November 17, 2020 - (Gold Market Wire) - Gold has a few encouraging developments in the chart array as the uptrend line develops and the clock runs out on our main downtrend. The chart tells the story:

...main downtrend has been timed out.

Looks like the end of the road for the downtrend, and the uptrend is adding some touch points - most importantly on yesterday's sell-off and recovery, which now looks like it did a good job of flushing out the weak length. The "news scare" this time around didn't work its "magic" like last time. The event was short lived and recovery came straight away - a good sign for the market. Below is a close up of the same chart:

note: we now have a true 50-day/100-day cross over.

Our moving average cross over lends an air of encouragement to the proceedings and we are inclined to take a spec-long position here. We don't expect fireworks, but the chart set-up, the technicals, the triple bottom at $1850, the Nov. 16 flush-out and the time out, make the risk reward worth while. If our main trend line fails, we will likely cut 1/2 or all. Right now, we execute length.

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