Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold Zeroes in on $1800
May 12, 2022 - (Gold Market Wire) - Back on April 25th, with Gold at $1895, we pulled out of the Gold market, lock stock and barrel. That turned out to be the right choice. We couldn't get airborne, with the world charging to WWIII. That indicated a very weak market, in our outlook,and sure enough we got it - and turned our attention to Crude Oil (and wheat), where its really been for many months now. Our last missive was to consider buying small as we approached $1800. Well, we're getting there.
As it stands, as we start to encroach on the $1800 target, we need to look harder.
...note the moving averages - right on the trend line.(ugh)
and the daily:
We were too ambitious in targeting $1800, it seems, and the runaway action means we will wait. $1750 is looking a lot better for a first (possible only !) place for small length.
Let's see if the blood letting stops any time soon. Great time to be out of the market - let's keep it that way for now. And let's first let Silver chart us out of this sell-off.