News, analysis and commentary for gold traders and investors

"Be Right - Sit Tight"

Jesse Livermore
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Gold Market Wire... Gold Market Wire... Gold Market Wire
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Gold Market Wire

News, analysis and commentary for gold traders and investors

Gold Market Update

Update on the Inside Channel

June 28, 2020 - (Gold Market Wire) - Friday's action has given us some added refinement to the channel we identified on Thursday. It was a highly encouraging session for the Gold bulls and lends an air of encouragement for higher prices. As we said on Thursday, the lower end needed some tweaking, and we were a little to high in our estimation, though only by about $4/.oz. No serious problems there. That's why charts need to be re-drawn everyday, as the developments shape the trend.

Our chart as it stands:

channel developing further...Wednesday marked the upper trend, Friday the low

The channel top looks solid, and now we have increasing confidence in the lower marker. Above and beyond that, Friday's action, as we said, was highly constructive for the bulls. A significant move down to set the lower boundary, shook the tree to chase out the weak length and set the stage for a very strong run into the close.

We now have the highest close Gold has seen since Q4 2012, and we got it on a weekly closing basis. If the monthly/quarterly close holds, the market will be in solid shape. We are also encouraged by the fact that there hasn't been a runaway/parabolic move to the upside. That means the bull has some solid legs.

It's a good time to be long, and length should be held. Drawdowns can be bought.

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