Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Opening
Waiting for Gold's New Pattern
July 2, 2020 - (Gold Market Wire) - Gold is sitting down on the trend line this European a.m. as the market seeks a new direction. Right now the holding of the trend line is indicating that the bulls still have a slight advantage, but the creation of a new pattern demands some patience. The uptrend still holds firm and the market needs to collect itself after a fairly dramatic end to the quarter.
This is going to be an interesting resolution; the battle between the major overhead resistance and the uptrend. Right now its a toss up, and we await a clearer indication. Yesterday's rally into the close gave us what we were looking for, namely, a rally to sell out the last of the length.
Now its time to sit back and wait for the market to develop. There is little point in seeking action for the trading opportunity... that's just boredom taking over. Patience is the order of the day, today, barring some serious market developments.