Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold Retraces... Preparing for the Next Surge?
April 11, 2023 - (Gold Market Wire) - Deciphering the market atmosphere.... that's what takes real skill and intuition. Those are developed (we hope) by experience. Right now, we could see the market making a rather common pullback, and getting ready to charge again. Or we can see the recent failed attempts to hold convincingly above $2,000 as a 'top out'. The usual, getting everyone to chase the $2,000+ high-tick and then going short is a favourite play of COT. Is that where we are now?
We think not. Our take on the market is, actually, quite the opposite. We still have our 'new' power uptrend with us, and the air of further banking disasters is wafting throughout the market place. The back-off from $2,000 has been weak and unconvincing. We think the market is getting ready to surge. Right now, the status quo is bad enough to be getting on with... but one more seriously bad piece of banking news, which many feel is coming hell or high-water, (these things are never isolated as they are integrated systems with dynamics of their own) and Gold is going to own $2,050.
This a buying point.
That's our take.