News, analysis and commentary for gold traders and investors

"Be Right - Sit Tight"

Jesse Livermore
GOLD MARKET WIRE...NEWS AND INFORMATION for GOLD TRADERS AND INVESTORS ....
GOLD MARKET WIRE...NEWS AND INFORMATION for GOLD TRADERS AND INVESTORS ....
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*** GOLD MARKET WIRE ***
*** GOLD MARKET WIRE ***
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Gold Market Wire

News, analysis and commentary for gold traders and investors

Gold Market Update

Checking in with The Fibs

November 7, 2023 - (Gold Market Wire) - Gold has pulled back, and as we said in our most recent missive, this is the kind of action we need to see in a proper, sustainable, bull run. What we don't want to see is a flat out vertical move. Our slingshot gave us just about that - so we need to cool off - which we are doing. So, let's check the Fibonacci retracement, to see how we're doing.

as it stands - so far, so good.

Fairly close to the mark, for a first retracement. Remember, as volatility picks up the 'fibs' will help a lot.

And, also on the mark of support:

on the support.

All in all - classic stuff. The market is galvanising for another move up. Our down move was against Dollar weakness - so the correlation has been limited recently. Today's USD strength may have helped the sell-off, but we're not putting too much store in it. Spec traders can try some spec length here. More conservative players can wait until $1934, if we get there.

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