Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold: A New Channel?
March 29, 2021 - (Gold Market Wire) - Gold is chopping around lately, but the salient point is - it is holding, so far. The market isn't going to let go of "its" Gold right now, as the level of fear over the Western banking system is simply too great. Resolving that fear doesn't really seem like something that is going to get happen anytime soon, so, naturally, Gold stays firm.
With that in mind, we try and pullback for a look at the market as it is, and not as everyone thinks it should be!
So, we didn't break out...who cares? We did even better for the long term health of the market: we consolidated and held. Nice, steady action means a bull market with room to run.
Our plan to sell out at our previous channel top worked well. Now we look to our new channel bottom to get the 50% we shed back on. Thursday's can be pullback days so we'll buy lightly against our channel marker. Our new channel looks like a good basis to trade from and we are going to use it.
p.s.: as geo-politics takes over our world, we ask... why does China tell its citizens to buy Gold, while the West lives in fear of confiscation?