Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold Goes over The Waterfall
October 1, 2023 - (Gold Market Wire) - Gold hit the rapids last week, paddled furiously upstream and, exhausted, went over the waterfall so perfectly prepared for it by the Raging US Dollar that was supposed to be "finished".
Previously, we put a little toe in the water, got nipped, closed out and swam for the shore line to watch the rapids consume the market from our place of (flat) safety.
No matter. Just another day in the increasingly volatile markets. And traders should take note - this is only going to get worse as time goes on. If you don't like volatility, you best exit the arena.
On the flat price game, the one we spend most of our time on, we are dusting off the contrarian jacket and eyeing an entry point. It's the only meaningful thing to do. We don't like shorting is this kind of environment, and we don't need to . Our long US Dollar position negates the need for it.
We take note, above, of the horizontal coming into view, and prepare a first salvo in its area. We're likely to see some buying come into the market there, and we will participate in that from the long side.