Market Update – May 14

Market Update – May 14

ByJamie Saettele

I like to say ‘resistance is resistance until it’s broken’. Gold has been consolidating in a triangle since the April high and is testing the triangle resistance. Triangles tend to resolve in the direction of the previous trend…in this case higher (triangles can occur at highs as consolidation tops…the key is to wait for the break). At the current juncture, I lean bullish. The triangle objective is 1911, which is just under the all-time high of 1923.70. Spot gold (see below) is just under its triangle resistance line and the equivalent objective is 1834.

Supply and Demand Gets a Rethink!

Supply and Demand Gets a Rethink!

ByScandinavian Capital Markets

Many analysts feel that we are not out of the woods yet. We see most economies talking about lifting social distancing restrictions, which means that we can drive our cars to the petrol station, but we aren’t likely to be heading to the airport anytime soon. Manufacturing may begin but it will probably limp back to life as companies will have to ease the workforce back, slowly and safely, and perhaps with limited production.