Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
The Challenge Ahead for Gold
May 5, 2020 - (Gold Market Wire) - Our symmetrical triangle is still in effect, as resolution comes closer, but the parameters are readily established on the chart.
Spec traders can buy the drawdowns and hope for an upward resolution to the standoff, with a clear stop just below the support line, but right now, the market is `balanced' almost frozen within the set of higher highs and lower lows. The last two times we interrupted the higher lows, we were quickly bought back. That makes us favor buying in the down move towards $1680, with a fairly tight stop. Let`s see if we get the set up.