Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold Touches the Line and Retreats
February 11, 2022 - (Gold Market Wire) - Yesterday we planed the trade...and then, as the saying goes, we traded the plan. And so it went... according to plan. Sure it was just a spec short, but it worked almost to the penny. The Gold market has been faithful to the downtrend, and trading from the short side has been proven to be the right plan. We caught the move and have covered - leaving us flat. The chart shows just how technically perfect the plan worked out.
We remain against positioning in the market, and are content to keep attempting these low risk scalps from the short side until the market changes. Right now, our embedded option is that (like last time) our spec short will catch a serious downdraft and add some extra force to the position. We are still of the view that a larger downdraft is coming this year...something that will take us under $1760; so we like to be geared for that type of occurrence, even if only from a scalping position.
To the perma-bull Goldbugs, what can we say? If you 'marry the trade', your opposing "divorce lawyer" might take you to the cleaners.