News, analysis and commentary for gold traders and investors

"Be Right - Sit Tight"

Jesse Livermore
**** Gold Market Wire ****
**** Gold Market Wire ****
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France Recalls Its Ambassadors from USA and Australia...Calls Their Behavior "Unacceptable" over Scuttled Submarine Deal...Calls Australian Behavior "A Stab in the Back"
France Recalls Its Ambassadors from USA and Australia...Calls Their Behavior "Unacceptable" over Scuttled Submarine Deal...Calls Australian Behavior "A Stab in the Back"
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US Bans American Banks from Purchasing Russian Sovereign Debt
US Bans American Banks from Purchasing Russian Sovereign Debt
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*** GOLD MARKET WIRE ***
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Gold Market Wire

News, analysis and commentary for gold traders and investors

Gold Market Update

Precious Metals Caught in the Chop

January 9, 2021 - (Gold Market Wire) - Gold and Silver are moving with no decisive trend, as all rallies are pushed back, while the floor still holds. We're caught in the box - still.

...small (inside) uptrend needs to hold.

Above we can see a small inside uptrend which needs to hold if we are going to try (yet again) to rally. Failure sends us down to $27.45, the bottom barrier of the box, to see if a sell-off can develop.

Right now, we are glad that we scaled down to 1/3 length from $26.50, and took profit on the rest. The market is a headache, no doubt. Wiled-eyed gamblers (as Harry called them) can try a spec long from here... but its just a chance to scrape some change out of a market that is doing very little. One reason why the Metals are sleeping is that a lot of the action has turned towards liquidating Bitcoin and other Cryptos, and a lot of attention is being focused, quite rightfully, on the developing bull market in oil, which, frankly, looks like it is going to be the red-hot item over the next 2-3 years.

...a real bull market - with room to run.

A lot of the commodity trading world twins oil and gold together, and the simple fact of the matter is that a lot of attention has been moved out of Crypto and Gold - towards oil. One can certainly see why.

Length in Oil is advised.

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