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.
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 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.