Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold Takes Ride on the Rollercoaster
February 16, 2022 - (Gold Market Wire) - We had our target out to buy when we started clearing $1860, and it worked out well, and then got jostled when the "World Peace Declared!" headlines rang through the wires. Now, we're back where we started:
Those who liked the instant money and traded out found favour yesterday, as they didn't have to ride the down draft. Still, in our executed scenario, it wasn't that much of draw down. Yes the chart formation of the past fortnight has a slight parabolic look to it, but we are consoled by this morning's European action which now looks like a true 'back and fill' in a rally. So be it. We are sticking with the length.
Our first challenge is to close above $1871, but right now we are content with the action, and with being long at $1860 and a few pennies. We haven't been at these levels since mid-November, so we will have to get "acclimatised".
Let's see if we can.