December 8, 2021 - (Gold Market Wire) - Gold has been, if nothing else, a place of great frustration. Every lift off is turned backed, every rally stalls out. While agriculture and energy go on a rampage - Gold and Silver do little, or work lower. Goldbugs are known for their patience. The kind of patience they wore from 1980-1999, while they were 'sure' Gold's turnaround was right around the corner. Are we wasting our time in this market?

We think not. Gold is frustratingly moribund, but the kind of "blow out" top, and rapid collapse that usually signifies the end of a bull market has not happened in Gold. The spectre of a monetary crisis, proper, increasing inflation, and encroaching war, are a powerful trio that says to us that we haven't seen the end of this bull market. The generally positive picture for commodities will help. We are of no doubt, whatsoever, that we have just begun the net leg of a major commodities bull market. One that will run for years.

Right now, on the more immediate side of the market, we note that our recent horizontal marker held. Now, we prepare to take on the moving averages. This will be the first step necessary to re-engage bullish sentiment.

Call us eternally optimistic, but the trend line has held, the horizontal has held and the moving averages have crossed over. We have to be encouraged by this, and so we establish length against the trend line when/if the moving averages fall. A close up give some clarity:

The aggressive can put on some (small) length here. It's an anticipation, which is not good discipline. But we can hardly be accused of "chasing strength", so that is the amelioration. We will have to be prepared to cut, if we move under the trend line on a closing basis. The US Dollar has rallied significantly and strongly as of late, and may be due for a rest. That could be our oppourtunity. December 2 and 3 have the signs of reversal about them, and we are encouraged.

We start with length here.