January 9, 2024 - (Gold Market Wire) -  Gold, as we thought, unwound all of that holiday cheer, and it was, as we thought just end of year shenanigans, which were best left alone. So we got our sell off in the New Year, and here we are, at the bottom of the uptrend. It's an interesting place to pause - right on the technical mark.

And so we ask ourselves if the uptrend will hold.The Dollar hasn't done much of late, and, to our mind, isn't really a big factor at present. The line touch down (near perfect) was the place for the aggressive longs to jump in, but we are going to wait and see the outcome of the showdown between the two trend lines. Our comment to view the action as a series of lower highs, to us, is relevant. Friday's action - a slightly bullish spinning top, followed by the touch down, can be taken as a plus for the Bulls. The market is indecisive, as Friday's candlestick shows, but our completion to the trend line tells us we should start to entertain the idea that the down side could be coming to an end.

We remain bullish - looking for an entry point.

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