Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold Backs and Fills - Prepares to Move Higher
March 2, 2022 - (Gold Market Wire) - Gold's sharp rally, to $1950 got retraced today in what can only be considered a classic back and fill.
Our touch down on the horizontal was just what we needed to complete the move, and now, we look ready to move higher. Gold is getting ready to challenge $1950 again and we're optimistic about the chances of getting through.
No doubt Gold has been terribly outshone by oil in this 'crisis', but perhaps the time is coming for a more pronounced move up. $1950 will be the first challenge. Yesterday's massive Silver move has certainly helped the cause, and we certainly have been wondering what was causing Silver to lag. The 5%+ low to high has evaporated the nay-sayers. And, as with Gold, the picture is one of technical perfection.
Today's action, while still in the red, is encouraging for the bulls. Another nice back and fill, and sigs she's ready to move higher. Silver's opening, just above yesterday's close shows that there is still momentum in the market, and the target will be a daily close above $25.36 to gives us signs of continuation.
Interesting times, indeed.