Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold Picture Brightens Slightly
July 10, 2023 - (Gold Market Wire) - Gold is at the bottom of a rather wide channel, having spent the past week doing little, if anything. Again, we re-iterate that it looks like Gold is trying to put in a bottom here to move higher. The uptrend line of the channel looks slightly encouraging, if embryonic.
In fact, the market is on hold pending the outcome of the NATO meeting in Vilnius. It looks like Ukraine NATO membership is off the table for now, and that creates two political/market scenario. One is that the Russian military position is effectively frozen, nay "conceded", if albeit dressed up to look like a stall out, and the other, that WW III may be off the menu in the immediate future, thereby reducing the risk premium in the market. Needless to say, this is a simple prognosis of the possible market interpretation of events. As it stands, the internal dynamics of the USA and the BRICS intimation of a "non-dollar" revolution of trade settlement are still issues to be resolved, both of which may be more relevant. If, however, as has been the case, that escalation over the Ukraine issue resumes, then we may, indeed have a bottom.
We are unchanged in outlook. Gold looks ready to run higher before long.