May 23, 2023 - (Gold Market Wire) - We got our move down to $1950 right, but the question that now begs is, can we stabilise. At times like this its always good to check out the (big picture) channel.

Anyone hoping for the short, sharp move back into "bullish territory" has been disappointed. The strength of the US Dollar has dented Gold's recent allure in the short-term picture. We must now keep an eye on the 100-day moving average, and the all-important channel bottom.

Adding in the horizontal marker certainly tells us why we have paused where we have.

Below our current level here are several, more minor, support lines from the horizontal markers, but the present one (in red - above) is the strongest - ergo, the pause. As it stands right now, a move to the 100-day moving average looks likely, and it coincides perfectly with our channel.

Big Picture, for us: A proper "clean-out" of the weak length before we taken on the all-time highs again. We're bullish. We like our purchase from before, at $1953. It was sized in anticipation that we are likely to get another buy or two in before the market settles down, and returns to a bullish posture. Any weekly monthly closes below $1812 means we have to take the pain and start cutting. The next purchase, if we get it will be larger than the first, and any around $1812 will be the largest.

A proper 'scale-down' in anticipation a forth-coming rally. This is not the way bull markets end.