Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold in the Box
December 19, 2022 - (Gold Market Wire) - Gold is draped in a box as the chart below shows.
Hemmed in below $1803, our one break above failed to hold. Now we are back in the box. Our encouragement, as well as our continued holding of length, comes from the fact that we failed to sell off, and the 50-100 day moving average is starting to cross. That's a bit of music to our ears.
There's little to do in this situation, except scalp from the long side. We're buyers at the bottom area of the box, i.e. c. $1775.
Our outlook remains positive in the short-term.