Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Markets Flat as They Wait for CPI Release Later Today
December 10, 2021 - (Gold Market Wire) - Markets have gone flat and quiet while all participants await the release of the US CPI data at 8:30 a.m. New York Time, later today. Until then, we expect little. After the number, expect fire and bromstone.
Right now we can see the 'prep' work of the past few days, pulling back in anticipation.
Our channel looks almost like a long-term 'box' formation...going more or less nowhere for almost half a year, expect for the blip higher in mid-November, which lasted all of 10-days before crashing, yet again. Lesson? A scalpers market - no doubt. (We note the shying away from the moving averages, which, as we pointed out, was the first hurdle to clear for the Bulls. So far - no traction.)
Out of Germany we have the highest CPI reading since 1992, which should under-pin the market for Gold. But, as per usual, only the US number will really count. The "Look", i.e. the anticipated number is 6.8%, but even if we only confirm that, or come in a bit lower than last months 6.2% - anything in the area of 6% or higher should should have a dramatic effect in working markets higher. Last months 6.2% caused a frenzy of Gold buying. We'd expect as much today.
Spec long if you wish. Slightly better odds than Red/Black at the Casino.