May 13, 2024 - (Gold Market Wire) - Considering the state of the world, it is, indeed, surprising that Gold has nodded off and gone to sleep - right at our identified pivot point of $2350. Here we sit awaiting a resolution.

Our plan to buy when the power downtrend was exceeded for two sessions worked - but to little upside afterwards. Now we have an over-hanging downtrend, in black (above).

In truth, we are disappointed that the pullback hasn't been more robust. We were expecting more volatility to produce buying points, and we haven't got them yet. That leaves us with a waiting stance for the next move.

We could just be 'waiting out the clock' for the next move higher, but the lack of a real pullback isn't galvanizing us. Ultimately, this will take power out of the final moves of our bull, maybe some two years out. Yes, we will move higher, but this is not the kind of market that will create moonshots. Call spread buyers, who were looking for the next leg have failed in their strategy. The market is meting out its punishment, as it always does. Silver may be a bright spot, and we look to the 'little brother' to pull us out of the doldrums.