Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold Stumbles: And Falls
June 21, 2023 - (Gold Market Wire) - Just when it looked like the stagnation was going to end with a resolution to the upside, the breech of the power downtrend turns out to be a head-fake... and the downtrend resumes.
Some fairly significant support at $1940 has just been breeched, and we should expec some more down-side. As it stands - our power down-trend is back in the game. The attempt to rally died at $1968.
For a "culprit" - one need look no further than the US dollar.
The June 8-15 action certainly looks like a blow off top. So what now. Probably a higher USD is in the offing. We are sticking with the original plan: more length at $1900 and $1850. The standard scale down purchase. It looks increasingly likely we will get filled at $1900. It's what we expected.
Amidst all of that chopping action we have to concede that Gold's sell-off looks very tentative... as if the price is falling in a very hesitant manner. It sure doesn't look like any serious size has moved out of the market. Open Interest (the thin blue line) hasn't budged. People are waiting for a further shake-out... but they are not bailing from the market.