Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold Flirts with The Channel
October 17, 2023 - (Gold Market Wire) - Right now Gold is either completing an intermediate rally on its way to heading lower, or is about to climb back into the channel and try and resume the rally. Its position, poised on the edge is, no doubt, due to the recent dent in the value of the US Dollar.
First up, the close-up.
...and the zoom out:
The Israeli invasion of Gaza has been delayed, not cancelled. That has allowed the US Dollar to fall slightly. The above looks like a slingshot, and it may be that when the invasion begins and Iran "responds" that the US Dollar and Gold will rise together. The chart is signalling that possibility, and has moved to a logical resting place, awaiting further developments.