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.
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).
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.