May 30, 2023 - (Gold Market Wire) - After our fill at $1953, it would be tempting to see the latest movements in the Gold price as indicating a bottom being put in. That, however, is far from certain, and was the reason why the $1950-level purchase was noted as the smallest in our planned scale down targets. We thought we had a good chance to run lower, and in short, it looks like we may get a run to the down-side.

The weekly chart shows the basis for our outlook, and its self-explanatory.

That looks like another down-draft is coming, and is distinct from our daily chart, which is sending a more positive signal.

In the short term - the first task of the bulls has to be to re-gain $1950.

{For some balance, we will zoom out on the Daily chart. The indication goes back some way.}

So - those are fairly clear battle lines. In the big (trading picture) we got out of the length in good shape for the trip down. While we could stop here, consolidate and resume the upward march, the "jubilation" over the debt ceiling in Washington may give the bears some leeway. Let them take it. Next purchase is $1900.