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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US Bans American Banks from Purchasing Russian Sovereign Debt
US Bans American Banks from Purchasing Russian Sovereign Debt
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Gold Market Wire

News, analysis and commentary for gold traders and investors

Gold Market Update

Gold and the Discipline of Trading

October 29, 2021 - (Gold Market Wire) - The Gold market is full of people who have taken market hype to new levels. They are always yelling about how being ultra-long is the only way to go. As one great trader told a group of such expectants in a small conference on metals I once attended said - "the problem is, even if we move to $5,000 over night, you guys will never sell an ounce." Truer words. It was just another way for this highly successful trader to explain that they had no discipline. And in this world, discipline is everything.

No doubt, when we pulled the trigger on exiting the spec, we though Gold could actually make a move and start vaulting higher, but as we respected the discipline, we garnered profit and dodged the proverbial swinging axe that hangs over all markets. So, we bow to the discipline today. it worked. We got in at $1785 and a some change and managed to get out at $1801 and some change. Discipline can limit profits, but it so often gives us money and keeps us alive to fight the next day.

Secondly, as we laid out our concerns last week, we were getting very tired of the locals selling Friday every time, and knew that specs had to be closed and trading size cut back, to prepare for the Friday, 'go away', sell-off. That also worked. So for now, we look at the market for a fresh view, with an eye on next week.

..the current state of play.

Back to the trend line, again. But the way the East keeps following through, we'll wait until Monday before making any decisions.

update (less than an hour later): we're accelerating down as the traders do their Friday drop....right before lunch, as usual. Here's the Box to watch. A light buy if we get near the bottom edge. An odds on play?

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