July 14, 2020 - (Gold Market Wire) - Yesterday's Silver driven enthusiasm in the Precious Metals arena was tempered in late trading when early gains were unwound. The 30 minute chart (of Gold) paints the picture:

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We wrote yesterday that the market was in a confusing picture, and sure enough we got one. Peals of euphoria, led by (who else) Silver, only to have the champagne taken away right before disgorging the cork and put back on the shelf. It's a frustrating market, made worse by the possibility that yesterday was a head-fake move up, to get the day traders to chase.

And just to make matters even worse our primary trend-line is starting to come under attack, with an inside downtrend now raising its head. This is a market that demands caution. Yesterday's early New York trade was just too ebullient, and now we are in a confusing place, which means its time to lighten length and tilt towards the sidelines. We may yet get to the Fibonacci retracement level described last week.