July 23, 2025 - (Gold Market Wire) - Gold's battle to clear the horixontal resistance is in full flow the European a.m., and the market looks ready to push to the next level. The chart shows the target we are closing in on:

And the pullback to see the target's origin:

As it stands before the COMEX opening, it is all system go. First, and of significant (if short-term) importance, many are away from the office. The market loves to make important moves when many players are sidelined. It allows COT to 'goose' the market to critical levels with less resistance, "pop the stops" and demand that chase is given. If you're in Nantucket - you'll likely have your back turned to the action. With algos doing your job, its unlikely you will optimise entry levels and then will chase awkwardly. Humans still rule this game.

Secondly, Silver is doing its part for the Gold rally, by breaking out in textbook fashion:

As readers here know - we like a Gold market led by Silver. It's often the way the early indication of the next move higher is given. The explosion of the Gold/Silver ratio higher for the bulk of the rally, however, demanded a true conviction, as Silver lagged behind. This is also normal. Silver likes to play catch-up...and then some. It looks like we are at that stage. The Master warned us of this, in his journey through the 1970s as (probably) the largest cash trader in Gold. He opined that Silver would probably lag, and then take off like the wild younger sibling. Tortoise and Hare style.

So here we are. The discipline demands that a close above the all-time high occur first before adding to, what should be strong core and trading positions. It also demands that anticipation not take place. We note that the East seems to be the profit-taking time zone, and the place to re-load, but as it stands now, we are almost ready for lift-off ...for the ride to $3500.