Gold markets tried to rally a bit during the trading session Tuesday but could not sustain any meaningful gains.
At this point, the market looks very likely to continue to struggle in general, as we have seen it grind South over the last several months.
This has been a gentle move down, so that is 1 thing the buyers can take a bit of comfort and, but at the same time the 1450 mark simply must hold as support as it was the previous Top of an ascending triangle. Then level being broken to the Southside would be very negative and could send gold down another 50 oz.
To the Northside, the resistance barrier will be the 1500 mark, and if we can clear that to the Northside it is likely that we will continue to go much higher.
Gold will get a bit of a boost due to any type of negative trade headlines, but lately it seems as if the market is starting to price and some type of an agreement between the Americans and the Chinese going forward.
If that is going to be the case, then that will work against gold as well. While I do like gold longer-term, it is not showing any urgency to trade it and as a result it is very likely that we continue to see a general lack of enthusiasm.
Note: Impeachment is a non-issue.
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