Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold Stays under Pressure
June 22, 2023 - (Gold Market Wire) - Gold is under continued pressure even as the US Dollar weakens. Yesterday's cross of the 100-day moving average shows that we have another factor adding to the downward pressure. Friday is setting up to be an important day.
All in all, a market that needs to bottom, probably at lower levels. We're hanging on to our patience for $1900 and waiting the move out. We are reminded of one of the great aphorisms of trading:
"Don't seek action!"
This is one of the fundamental mistakes people make when waiting for markets to settle - they enter too early and are almost always sized the wrong way. We remain interested to see how this channel progresses. Looking back at May 3rd - did the majority pick the formation right...or did they get carried away with the mood??? As it is so often, the proverbial "bell" rang loud and clear - at the time. You can't ask for more than that.