Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold Moves to the Resistance Line
March 28, 2024 - (Gold Market Wire) - For years we have been banging on about how the proper position in the market was always going to be: Long Dollar+Long Gold, and sure enough this week has been, yet again, more proof. To start with Gold - we have settled into our new atmosphere and now are at the point of resistance. The wide shot shows the technical picture of the target.
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...and the close up:
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One thing is for sure... tomorrow (and the balance of today)is going to be a helluva day. If we tear through the resistance on the monthly+quarterly close, we could sky-ball higher while the US Dollar rises. The very thing the Gold nuts have always said was impossible.
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Read 'em and weep.
**Late Note: No sooner do we press 'publish' than Gold prints $2212.71.... through the resistance.