Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
New Trend Lines to Watch in Gold
May 15, 2020 - (Gold Market Wire) - A new power uptrend is developing in Gold, if we can make it through the COMEX session today. We've had the breakout, the gap up and now it's time to see if the power line will move us substantially higher.
The short-term, primary trend has been with us since April 1. The power up-trend only a few days. So far its been a solid resolution to the box and the symmetrical triangle we encountered in the past month, and you will find in our previous articles. Let's also not lose sight of the brass ring at $1748.19 from April 13, which, prior to that date, was a level we hadn't seen since Q4 2012.
We await COMEX to see if we can continue the power uptrend. We are holding our length, with strength.