Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Opening
Short Term Gold Chart Reveals Interesting Development
March 26, 2020 –(Gold Market Wire) It's not often we use a 30 minute chart, because they can display a lot of Sound and Fury – and signify nothing – but today, with April futures trading over spot again (albeit only by 20 cents or so), its worth a look.
Now the futures are trading above this level, and may well indicate a more robust price level. There is decent volume crossing there. So perhaps a chance to see how the market normalises. Price discovery is still skewed, with London out of the picture, but the target, on the short term is clear.
On the Big Picture front:
The Cash Market breeched $1595 earlier today and was quickly recovered. Length may get established here, and look at a close or a decisive move below $1595 (cash!) as a good stop. Remember to check the cash/futures spread during the day.