News, analysis and commentary for gold traders and investors

"Be Right - Sit Tight"

Jesse Livermore
Silver Rips 3% Higher on the Day as Precious Metals Move up Strongly
Silver Rips 3% Higher on the Day as Precious Metals Move up Strongly
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GOLD MARKET WIRE...NEWS AND INFORMATION for GOLD TRADERS AND INVESTORS ....
GOLD MARKET WIRE...NEWS AND INFORMATION for GOLD TRADERS AND INVESTORS ....
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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 ***
*** GOLD MARKET WIRE ***
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Gold Market Wire

News, analysis and commentary for gold traders and investors

Gold Market Update

Precious Metals Soar...Then Retrace. Welcome to the New Normal in Metals.

December 21, 2020 - (Gold Market Wire) - Planetary alingments and Winter Solstice notwithstanding, we warned that the Asian opening move higher would get many people to chase the market, and that some fingers would get burned. And indeed, they did. Silver soared...and then came back down to earth. Here's a 30-minute chart of Silver...just to give you a cardio workout.

...gets the blood flowing.

So everyone who gave chase, got whipsawed...and bad this time. If you leveraged up on a "this is it!" line of reasoning, you've likely had the ride of a lifetime...and the day is still young. We've had a 10% range this morning. Welcome to the Silver market, if this is new to you.

Gold had a more casual response, but it was still exciting.

...if you gave chase this morning...you have had a religious experience

And so, after all of that fire and brimstone, we will return to our regularly scheduled program. A little less caustically, we will return to the market proper, and the battle for the 50-day moving average in Gold. Now that we've scared the weak length out of the market and seen the market dole out a few heart attacks and tears, we're getting much more comfortable about establishing length. We need to see the 50-day hold. That is the mission for today.

a proper Doji...on the Solstice

This type of action is exactly why we recommended (option) strangles last week. If you put them on, and set your gamma targets, you've made a bundle this a.m. And yes, we know that a straddle would have been even nicer...but on a risk/reward basis, the strangle fit the bill nicely.

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