Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
When Patience Pays in Gold
December 6, 2022 - (Gold Market Wire) - Sometimes the "breakout" is really the set-up... and that's why we have to, as we said yesterday, cultivate patience. This can also be expressed as "if it looks to good to be true, it probably is." So yesterday we waited for the close to see what would happen with our horizontal marker, as opposed to diving right in and putting on the length. That discipline paid off handsomely, as it kept us out of the market.
And so, once again, the breakout that wasn't, and why discipline pays. We're happy to be on the sidelines. The year is going to wrap up soon, and its likely the Gold chart will close at a level that shows a dismal year. This was not a market to spend hours pouring over every day. But we remain in the bullish camp. Why? Because war is growing by the day, the foundations of the banks are shaking, and the action we saw this year, while poor and uninteresting is simply not the way bull markets end.
Additionally, we have an interest in the moving averages, and how they are shaping up.
We're getting interested in the development of the averages.