Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Reprising the Channel
October 16, 2020 - (Gold Market Wire) - No change on the Gold front, where the channel remains the impenetrable 'tractor beam', with Gold in its clutches.
Still, resolution beckons. Either the channel wins and takes us lower, or the uptrend is maintained, and the channel is left in the rearview mirror. The channel has been with us longer, in the short run, but the uptrend has been around for a couple of years+. Right now its tough to favor either. Our horizontal, at $1906, still seems to be an indicator of worth, even with a couple of daily failures on its tab. We keep gravitating towards it - but we can't resolve which side of it to work from.
Patience - the order of the day. Perhaps a good time to wipe the position, scratch the trading, and stand back and watch for a while.