Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold Still under Pressure
August 24, 2023 - (Gold Market Wire) - Gold has rallied back from its intra-day $1885 low, but is still stuck in the down trending channel.
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Yes, the power downtrend has finally abated, but the downtrend is with us. We are maintaining our stance on the sidelines. We've got a long haul coming up, due to "silly season", especially the September/October period which has, historically, been the season of crashes.
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In sum,, so far so good for the bulls. Nothing moves in a straight line. But until the channel gets broken, there's no positioning to be had. If we have a massive swoon to the down-side, we should be prepared to buy small, but, as recorded earlier, the scale-down program doesn't appear to be the correct stance at the moment.
Patience is the order of the day. As difficult as it is.