June 16, 2020 - (Gold Market Wire) - Gold has staged a decent comeback this European a.m., but the downtrending channel remains intact. While there is underlying strength,  still the march of time points lower.

There is no mystery about the chart. In fact it is quite simple. Every time we have touched the top of the channel we backed off and continued the slow journey lower. As it stands, there is little to alter that outlook, until the spell of the upper boundary can be broken and the pattern reversed.

The fx markets are providing little direction with the dollar essentially unchanged. Unless an exogenous event stirs the market, we should respect the channel and follow its dictates.

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