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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Gold Market Wire

News, analysis and commentary for gold traders and investors

Gold Market Update

Gold Bounces off the Trend Line

October 27, 2021 - (Gold Market Wire) - Yesterday's plan to buy as we approach $1780 in Gold worked fairly well. We got down to $1782.50, and then charged back up. For those who scalped it, it worked. For those who didn't, they are riding it back down towards the same point.

30-minute chart. Yesterday's Bounce and recovery...and today's failure to follow through.

As a buying point, we were only half right, and those who are long may want to get out for a tiny profit and see what develops. Those who can handle a further downdraft may want to hold.

Here's yesterday's chart and commentary - just for reference.

our set-up from yesterday.

So, now we're back to the new point on the trend line, and we have touched down right on it:

surprise, surprise...it's $1784...again! (daily chart)

Today's uptrend line comes in right near the fabled $1784, a number we have seen so much of over the past few months. We need to hold here, to avoid a bigger sell-off. Learning from yesterday's action, we are going to try a scalp. Buying down here and hoping New York takes us higher. This is not adding to the position....it's just a scalp long.

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