Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Opening
Is Gold Getting Ahead of Itself?
January 16, 2023 - (Gold Market Wire) - Gold closed well above the $1900 target last week, reaching the $1920 level, but we must ask ourselves if consolidation is order.
The chart formation looks fairly vertical, and we would not doubt a move below $1900 to regroup the bullish momentum.
Our top channel, resistance line did its job well, indicating a break-out with solid accuracy. For the leveraged longs, a good place to take some profits. For us, we will trim another 25% of the original length we took below the $1800 level. Pocketing money never hurts on the trading position. The coins in pocket and the core building we did late last year remain untouched.
Gold is still in a bullish posture. But the market will likely be whipped around. The situation in Ukraine is likely to keep us firm, but that doesn't mean we cannot trade and look to re-enter the shed size if/when we sell-off.