December 13, 2023 - (GoldMarketWire.com) - Goldbugs are in a depressed state from the sell-off, as Gold's recovery is not forthcoming so far. Right now, as it stands, what we have is a traditional dead cat bounce.

Below the market are our support lines. We've touched one, but there hasn't been any upside reaction. Right now, it's looking like we could close out the year here, if not lower. For those who have held on through the year, as in, "investors", it hasn't been a great year, but no disaster either. If you've held on from early November 2022 until now, you're in good shape.

The market machinations show, as usual, that the really strategy has been to shed length on big up moves, around 1/3 to 1/2 and hope that you get a chance to buy back at a lower level. Of course, then you have the problem on the follow through to the upside after you sell your 'partial' of not chasing the market up and buying as it runs higher. That takes real discipline, and is where most go wrong. We have been fortunate, as readers know here, in that we identified the slingshot in early October and got on board...then, used our trend line to get out when the market stalled. Resting orders above the market gave us some extra gains, when the staged spike happened.

The trading position is closed. Quite honestly, we can't see anything of opportunity. If we close at these levels for the year, the next month or two could be dead in the water. We remain convinced, however, that the bull market is in no way over. There just isn't a trading opportunity that we can identify. If the annual close is around here or +/- $100, we'll have a chance for a big sell off, and then, maybe we can get the length back in.

Scalping/Jobbing should be from the short side, for those who want to try for a Xmas bonus.