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.
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.
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.