Gold Prices Take a Break After Recent Run-Up

gold investing
Written by Mike Hammer

After a 7-day run-up in gold has taken a short and sudden breather. There are good reasons why gold has underperformed this week, the first being the bid-up in the US Dollar by Japanese traders (who were really just exiting their own currency), with the USD simply the strongest alternative.

So, while coronavirus fears had gold rising in general terms, the USD was also rising, which theoretically would put a damper on precious metals. And it has. As they say, ignore the most basic laws at your peril. In the current environment, you’d expect any correction by gold to be short-lived; today’s featured article lays out the technical groundwork and reveals one analyst’s targets.

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About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as continuing themes. Mike graduated with a business degree and spent years as a financial advisor, before moving to New York and to pursue a career in IT and education. For more than a decade Mike has been working with the Adam Mesh Trading Group as a stock market and commodities mentor. He’s trained over 200 individuals, spoken at several national conventions, and is a frequent contributor to educational webinars.

Mike writes The Gold Enthusiast daily newsletter, runs the Golden Hammer trading service, and participates in the Mesh Private Portfolio. He also keeps a position in international education which keeps him in touch with "the student mindset".

Mike focuses on the precious metals markets, the energy industry, and the financial sector. His motto is "Plan your trade, then trade your plan!"

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