Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold Rally Takes Shape
June 9, 2020 - (Gold Market Wire) - In a world awash with mathematical theorems that would try most mortals, trading Gold (or just about anything for that matter) remains about solid charts, a long-term view, and (most importantly) the ability to execute properly and keep your emotions at bay. These are lesson hard learned and fought for, because they mean, above all, the discarding of ego. Yesterday and today were no exception to the above - in fact they proved the 'rules' perfectly.
There it is - nice and simple. A power downtrend that didn't hold, a main trend line in tact and a nice vault over the 50-day moving average. Enough to put the length on and watch the market unfold. NO! This is not "it". As in, this is the antithesis of "This is it!" The market gave us a decent entry point which we pointed out yesterday, and the market did the logical thing. That does not mean "$2,000 by September" or "$5,000 by the end of the year". It means we have a rally. And when it starts to weaken, we will close the position and wait for the next opportunity.
For now, we let the market run, and see when it starts to break down, as it most surely will. It could be later this week - it could be at the end of the month. Its about trading, not trying to hit home runs. We'll repeat Jim Sinclair's admonition to me, from many years ago. "Only fools and egomaniacs try and pick tops. The rest of us just take something out of the middle and go home." Preferably richer.