Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold Settles Down
March 16, 2022 - (Gold Market Wire) - They say never buy break-outs in Gold, and that has been proven, yet again. In an environment where one would think we'd be pressing towards $2500 with ease, the bulls have been faced with a set back.
Truth be told, we took it on the chin, looking for a retracement and advance - but instead got a proper reversal. We have, with some pain, maintained our length, especially in Silver. Indeed, a strange occurrence for the Metals - but we are sticking with the new length, and wearing it. It is true, in retrospect, that the failure at $1950 should have forced us to cover, but, given the situation in Ukraine, we held. Only time will tell if that was the right move.
The market seems to be settling down a bit, and for that we are thankful. A weekly close under $1900 is going to demand a rethink...and we may have to take the hit. We need to see Silver hang on to the $24.00 level. Some of the trading length is still well in profit, so we remain cautiously optimistic. The core positions, established in the $1850 range are still solid, as are the ones established earlier.
It's a heady mix right now, but with the latest Fed meeting out of the way we may be clear to get the 'horse' up and running again.