Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold Catches A Bid
December 21, 2022 - (Gold Market Wire) - Gold has made a move to the upside after finally dispensing with the resistance band at $1803. All in all its been pretty textbook stuff, clearing the resistance and then running higher with some speed.
The bottom of the channel is well defined now, and we wouldn't be surprised if a bit of a Christmas rally took hold. Profit taking near the top of the channel is in order to maintain the discipline. Thin markets trap suckers, so we are on our guard.
In the big picture its worth noting that central banks continue to pile on the Gold, and its starting to look like the fringe players are realising that the Great "monetary reset" is going to come somewhere down the road. That encourages us, even at these lofty levels, to increase the core position.
After the poor showing of Gold in 2022, we might be on course for a solid performance in 2023. We note in this context that the confidence in government continues to drain out of the Western world. That is real fuel for Gold in the medium to long term.