Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Food for Thought...
May 19, 2020 - (Gold Market Wire) - While everyone is basking in the warm glow of the rally... now nicely settling into it's E-Z chair, the skeptic scans the horizon for trouble. Such is the nature of the trader who is never content until profit is realized...and not just calculated on paper. It's easy to talk about how you were once up XXX thousands... "but then the manipulators came in, and I lost it all," but no one worth his salt believes that nonsense. BTW - If you think the Gold market is regularly manipulated... what the hell are you doing in it? Waiting for that glorious day when it all fails and you ride the wave of glory to $50,000 an ounce? If that's your game plan, you don't need to trade the market...you just need to live long enough for the $50k to be hit. And if the manipulators are in charge, and you want to trade, wouldn't you be better off in a market where you believe they aren't? At least then you won't have anyone else to blame, and you can face the mirror as a trader and see yourself in the clear light of P+L.
We note the chart, and ask the Gold traders not to act, but only consider this one point: We have made it over the old high at $1748.19 - twice ... but we have not closed above it yet.
That is the immediate challenge... for the day...and the week. Until then, the champagne remains on ice.