Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold Makes A Move - Lower
When we started our down move, we put $1950 in as our first buying opportunity - and the smallest of three scale-down purchases at $50 intervals. After we got filled on that, the market stalled and it looked for a few days like we might simply rest and then resume the rally. We decided on a course of patience, and that has played out well. The plan is rolling out according to spec.
![](https://assets-global.website-files.com/5d754afa7a6dfa49fd253976/648a913dda48e7db07f1f56c_Screenshot%202023-06-15%20at%2006.11.58.png)
After dithering, Gold has made a move at last, and it is to the downside.
And so, we wait for the $1900 level to come in to view.
The main "culprit" for our move lower isn't really EUR/USD, which hasn't done much, but, instead USD/JPY, which is taking a real battering. The move over 140 has the market expecting more Dollar action to the upside...(especially as the Chinese Yuan is getting pummeled lately).
![](https://assets-global.website-files.com/5d754afa7a6dfa49fd253976/648a8ed3916cc899caa33aac_Screenshot%202023-06-15%20at%2006.08.37.png)
![](https://assets-global.website-files.com/5d754afa7a6dfa49fd253976/648a90aee4d48ef22486f8b1_Screenshot%202023-06-15%20at%2006.09.46.png)
Nothing has changed. We are still executing the plan. We still see very solid chances of a pronounced Gold rally in Q3, and that is what we are preparing the position for.