Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold Assembles an Interesting Picture.
November 1, 2021 - (Gold Market Wire) - On the surface of it, Gold's not doing much as of late. $1750-$1820 (+/- some short-lived outside moves) for four months now. But if we look at the chart as it now sits, we are starting to get a somewhat clearer picture.
That overhead downtrend line has really penned us in, but in the previous five trading days we closed above it three times. We look set to challenge it again. Could we be setting up for a definitive move above it? Well, we're starting to lean to the'yes' camp on this one.
Right now, the downtrend needs to be cleared again, and held this time. We won't anticipate the market, but we are prepared to add length now if we can get through. The market does look like it is preparing to make a move. We think it is likely to be higher. The trading posture is maintained. Length to be added -but only with proper patience of the down trend..and a good solid close above. It looks like the downside is running out of steam.
traders...usually Friday caveat still holds.