Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Updating the Spec Short
November 18, 2022 - (Gold Market Wire) - Vertical moves are a rarity in markets. When they occur, there is a usually a reason - like an institutional buyer that everyone backs off for. Once the excitement abates, its time for reality to settle back in. So we see it with Gold, and is the reason for our spec short. A full-fledged bull move builds slowly and methodically. Gaps are nice, but they need to be filled/retraced and consolidated. Our hackles were up with this move, so we faded it.
At this juncture its really worth remembering what one of the great Gold sages said about the futures market. "It is a pimple on the ass of an elephant compared to the Cash market for Gold." That's worth remembering - when the futures do crazy things.