Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Playing the Odds in Gold
November 16, 2022 - To say Gold is on fire is to state the obvious. The "levitation" has been akin to experiencing the presence a Vedic God. But the rumble of reality is being heard over the hills - or so we think. This is now, usually, the stage where the crowd comes charging after the fireworks and get taken to the woodshed. Again, so say we.
As we are approaching $1800, we must think against the chasing herd. We're going to spec short here, for no other reason that history and experience tell us these move usually re-trace hard. The move has been vertical. The market is ahead of itself. Those three leaps (and impressive follow through) earlier in the month were large, institutional, buy orders, most likely. Those buyers have gone now, in our estimation. Chasing up here is madness. We'll take the opposite tack for now. We see the odds as in our favour that we have a sell-off.