Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Opening
Gold Gaps Higher
July 6, 2021 - (Gold Market Wire) - Gold has gapped higher, taking out the 100-day moving average decisively, as yesterday's move in the Metals takes on a full head of steam.
Gold's trend line has been affirmed and the fall of the 100-day m.a. has been decisive - to say the least. The market may pull back to breathe for a bit, but this is a market that wants to move higher.
Equally for Silver:
The Silver (power) trend is bordering on vertical, so a pullback is not out of the question. The stochastic now has the gaping mouth of a great white shark in full flow, and has confirmed that our recent focus on it has worked out well. As we often say at GMW, there are a raft of indicators in the trading world... the key is to figure out which one is holding sway at a given moment. Our focus on the stochastic has worked.
That Tues/Wed action last week was a definite reversal - no doubt. We queried it at the time, and we got the confirmation with the Friday move. With the fall of the Silver horizontal that we've been focussed on ($26.55), as well as the 100-day moving average (not to mention Gold's very powerful move) there is not much to do now except see how we develop. Our length is being held, and we expect some bullish continuation. However, it must always be remembered that these summer rallies are not matched with great volume (and neither this time), and so we must be alert to the possibility of a quick reversal in fortunes.
For now, its looks like fair sailing ahead.