October 26, 2020 - (Gold Market Wire) - Gold's uptrend, which has been sustained over the past month, has failed this European a.m. as the market gaps lower. The chart:
Right now, the downtrending channel is proving the stronger force, and it is back in this we now move, after a handful of failed attempts to lift ourselves out. Wednesday's failure to hold onto the 50-day Moving Average was decisive.
None of this is good news for the bullish crowd.
If we stick strictly to the channel dynamics, we can see the failures to get out a bit better. We can also see the encroaching 100-day moving average, which we need to hold.
One could almost be inclined to a spec short on the basis of of this - but first let's see if the 100-day holds. US Election madness is soon upon us - so caution is needed.