Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold Continues its Bull Run
January 5, 2021 - (Gold Market Wire) - Gold's bull run is following through nicely in the European a.m., with little to impede its upward progress. There can be little doubt, now; the price of Gold is being reset higher. Our channel formation is now coming under attack at the top, suggesting another leg higher could be in the making.
We are maintaining yesterday's trading length, even though we are at the top of the channel. We see little reason to sell into a rally that looks prepared to run higher, and maybe considerably higher over the coming days and weeks. We will consider adding length on pullbacks.
Gold is in a strong position right now. Tomorrow's Washington D.C., pro-Trump, rally has some people concerned, but the larger picture is what is propelling Gold: a political deterioration engulfing the West. Right now, people are looking askance at the political maelstrom engulfing the West, but they are still frozen in a paralysis of disbelief. When that disbelief, and partisan political sniping turns into outright fear and trepidation, which it will, Gold will take off northward.
Even with Gold at these elevated levels, it is still just warming up on the proverbial launch pad.