Investor uncertainty defines price action this week gold silver Wagner
The strong decline in gold on Thursday and Friday of last week marked a definitive price correction as it gave up almost $90 in two days of trading. The sharp decline confirmed that market participants were continuing to digest the exceedingly strong jobs numbers. They were also laser-focused on every word of any Federal Reserve member for insight into their next moves.
On Friday I expressed that the selloff fell to an important Fibonacci retracement percentage level the 38.2% retracement level. It is almost unanimously agreed by market technicians that a correction to that level is shallow as well as a place that you would look to see if it acts as technical support or if gold continues to lower pricing breaking below that potential support level. The last three trading days have been interesting.
When we look at the fundamentals that are currently on the minds of market participants the last three days indicate a wait-and-see attitude because traders and investors want more information to fully factor in what they believe the Fed will do next. Considering that this rally began on November 3 with gold at $1619 with one shallow correction on November 15 resulting in a $60 price decline.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Powell’s partial truths “A big part of inflation is related to the pandemic”Exclusive to Kitco News, technical analyst Gary Wagner provides a daily recap of what happened in the gold market, highlighting important events that captured investors' attention during the U.S. trading session. Wagner's commentary features a mix of fundamental news and technical analysis, noting important support and resistance levels.
Read more »
Russian oil reaching U.S. via India – Canadian InvestorRussian oil reaching U.S. via India CanadiansInvest
Read more »
Before the Bell: What every Canadian investor needs to know todayA look at Tuesday morning’s market action
Read more »
The Rounds closes $6.7M series A – Canadian InvestorThe Rounds closes $6.7M series A CanadiansInvest
Read more »
Proven information technologies that will continue to deliver value – Canadian InvestorProven information technologies that will continue to deliver value CanadiansInvest
Read more »
Lithium Americas gets positive court ruling on Thacker Pass – Canadian InvestorLithium Americas gets positive court ruling on Thacker Pass CanadiansInvest
Read more »