Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold's Recent Map
December 6, 2021 - (Gold Market Wire) - Gold isn't getting any lift off, and our spec short is getting some traction into the New York market hours. So far, so good.
We're midway in the channel, and challenging the horizontal support right now. The power downtrend is exhausted - but it sure put in the hours!
With Silver getting battered, we're willing to hold the spec to see if the horizontal gets broken. The market generally weak.
A zoom in:
If we don't take out the horizontal, we might just take the money we have and close up shop again. The US Dollar is continuing its "assault", so that encourages us to hang in there. It's going to be a minute by minute decision. Our short sterling position continues to work well for us, as this chart, entitled "Death by a Thousand Cuts" reveals all too well:
There's more where this came from... is our view here at GMW. Its a strongly US Dollar bullish chart, and with the UK going from worse to worse in just about everything these days (as well as the EU) we can't see any real let-up in the offing.
As we remarked last week - there are only two currencies out there that are not being pummeled to death by the US Dollar, and that is the Swiss Franc (CHF) and the Chinese Reminbi. The field is getting narrowed.