Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold Meanders in The Channel
November 10, 2023 - (Gold Market Wire) - Gold is following the parameter of the channel marked out in our chart, below. Our second Fibonacci retracement hasn't been elected, and the market now is adhering closer to the channel than the 'fib'.
As time marches on, our channel is becoming the preferred metric. The slingshot fit in perfectly with it and we continue to bang against both sides - that's confirmation, as we see it. Our 50 and 100-day moving average is converging, and we like that. We also note something of a bottom in the crude oil market - after the recent thrashing, which really didn't impact Gold too much. Also, in the macro picture, we have a continued blood letting in the long-term US Treasury market, which, honestly, doesn't look like its going to abate anytime soon.
The zoom out is even more stark:
These are the thrashings of a government approaching a disaster. It's little wonder they need a war...or three. We have mass civil unrest in Spain, and the UK could be approaching a proper civil conflict between its burgeoning Muslim/Pakistani population and the native whites, which, contrary to what the press imparts, is not all pro-Palestinian. That famous "river of blood" looks ever more ready to flow.
In such an environment, between rising civil unrest and a collapsing government bond market, how can one not favor Gold?
Core held like steel and added to.
For the trading book - length here as we head into another crisis fraught weekend.