News, analysis and commentary for gold traders and investors

"Be Right - Sit Tight"

Jesse Livermore
RUSSIA AMASSING TROOPS ON UKRAINIAN BORDER after UKRAINE VOWS TO TAKE CRIMEA
RUSSIA AMASSING TROOPS ON UKRAINIAN BORDER after UKRAINE VOWS TO TAKE CRIMEA
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Gold Market Wire

News, analysis and commentary for gold traders and investors

Gold Market Opening

The Reason Why You Should Never Listen to Gold Sales People

November 30, 2020 - (Gold Market Wire) - Friday's close was about as close to a bullseye as you could get for us here at Gold Market Wire. We went right to the support line that we identified at $1787, and halted. As we always say - technicals work in this market.

closed at support and followed through this morning... a weak market, no doubt.

Once we had gone through $1850, it was the next natural place to stop. Nothing fancy, no AI systems and physics...just plain old technicals - which can make you money.

That's a lot more money than the crowd of price chasers have made by listening to the Gold sales people. If you want to buy gold, fine; buy it, be done with it, bury it in the garden and look at the price once a month. It's your insurance and that is fine. But if you want to trade and you listen to the salesmen...many of whom have gotten very rich by pumping the public full of hopes and dreams for $5,000 gold "any day now"... you will be separated from your wealth. Gold sales people NEVER say sell...which is why no trader would ever listen to them. Those that do are the proverbial "sucker at the table", and they will chase and chase the market until they are broke.

Don't be one of them.

Don't listen to Gold sales people.

They have a natural conflict of interest (they only get paid when you buy!).

And they don't have your interest at heart.

We retain our 2/3 short position from $1850, as we have already broken through $1787 on Monday in the European a.m. We are likely to continue lower. If anything, we are more inclined to add to short positions as we retrace up...if in fact we do. Waterfalls can can be violent on the downside, and we are in the midst of one. The Gold market is in a very weak state and the damage is significant. Any reasonable person would surmise that a major high got established somewhere up there above $1850, and that it may be some time before we re-establish a $1850+ level again. If we do manage to do such a thing quickly, all this damage will reverse into a very bullish signal... but right now, that doesn't look to be in the offing. So, if you want to be a buyer - wait! If you want to trade - recognize the weakness of this market. We're trading solidly under our first support (see below) and likely heading to the next level ($1738)... That is an oppourtunity for the trigger pullers.

Going back to the support lines:

$1738 up next... (note: this is a monthly chart drawn last week!)

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