Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Is Gold Repricing?
Januray 20, 2023 - (Gold Market Wire) - Our recent missive that Gold was getting ahead of itself foreshadowed a brief dip under $1900 which allowed the nimble the to re-load. The key word here is "brief"...because it sure didn't last long. There is no point in fighting the rip... and we must, as ever, allow the market to speak to us. What it's telling us now, we glean, is that Gold is repricing at a higher level, meaning the trips below $1900 may not be forthcoming again.
Todays close is going to be critical. Will the locals sell out their length at the close, or carry the position into the weekend? Right now, a close above $1900 can be considered to put real pressure on the shorts. Again, we ask the question: "Who has the nerve to be short this market?"
For those big players looking to accumulate from a trading position, the key will be to sell only in enough size to stop the price from flying higher all at once. But within that prognosis one should be aware, one more geo-political turn of the screw and we could find ourselves significantly higher in very short order.
We are adding yet more to core positions. The parabolic move has been negated, yet again. The market is strong. For traders, pay attention to the close. If we don't get the sell-off buying MOC will be the order of the day.