With the Dow attempting a countertrend rally and the US dollar rallying on Friday the 13th, here is an important update on the gold market.
Gold Market
March 13 (King World News) – Ole Hansen, Head of Commodity Strategy at Saxo Bank: “Despite yesterday’s dash-for-cash crash gold remains the only commodity in black since the covid19 began hitting our screens on January 17. Support at $1550/oz held once again. Open Interest in gold now the lowest since August, a sign of much leaner market. (See below).
BULLISH: Open Interest Collapses Even As Gold
Continues To Remain Near Support At $1,550
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