Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold Pulls Back and then Powers Ahead
February 1, 2023 - (Gold Market Wire) - Gold's pullback was swiftly recouped in yesterday's session, which is giving us a positive outlook over the next few sessions. The sell off worked like magic - shaking out the weak length, who are the fuel for the rally, and then quickly taking us higher.
From the trade side (only), we like taking on more length. Our horizontal marker set the pace and the move above the power down trend line (above) tells us that the selling in the market is not following through.
Length, over all...and length for the short-term trade.
Right now, as so many observers have mentioned, the confidence in government is collapsing at an ever faster pace. Throwing $100 billion+ at a dubious military proposition, to an entity which is probably funnelling it back to politicos and siphoning large amounts off in graft is a dubious proposition. The bigger picture - prepping for a full-out war with Russia and China, is, quite honestly, the calculus of people who have lost their minds. Confidence in Government is going nowhere but lower. And for us, that means Gold is going higher.