Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Opening
Gold Secures Consolidation
August 17, 2021 - (Gold Market Wire) - The Gold market continues its consolidation. After all the huffing and puffing, we are right back at the $1800 level, only with a lot fewer passengers on board the train. As we can see from the chart, the flushing out of the weak hands (never allowed entry to the party) was extreme.
And so, now we have a power uptrend of some note. We have just begun our fifth consecutive day of positive moves after a $100+ down day which popped every stop there probably was - even the prestigious $1648. Those that did;t wait for Market On Close (MOC) to make their decision got roasted there, and that was exactly what the main players were after. Organ donation from the weak. The markets are ruthless in this regard.
Yesterday we began the 50/100 day moving average cross over, and it is indicating that we are likely to be continuing a period of extreme volatility, which will probably resolve to the upside. The market looks bullish - no doubt. Zooming out, we can see the importance of the work done by the market in the past two trading days:
The leap back above the trend line, on the heels of the blow out to the downside looks like nothing short of a bear trap of epic proportions. The recovery is marked, and signals true strength. Be short at your own peril, stand on the sidelines if your are worried. We are long, at core, trading and spec. This market looks prepared for much higher prices.