Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Setting out Gold's Stall on Monday
May 15, 2023 - (Gold Market Wire) - Here's the set up out of the East. It's very straight forward.
There's a fair amount of horizontal support underneath the main line we have drawn - down to about $1950. That means we give only limited attention to our current support. The power downtrend is there to be bettered. So - a completely mixed bag, and nothing we want to participate in.
The real story, of course, is that we remain above $2,000, while the US Dollar is recovering sharply. That tells us a lot about the underlying strength of the market, and supports our long-term thesis that "long dollar and long Gold", is the core trading position.
As for a course of action, if we are fortunate enough to get down to $1950, it will be a solid place for a first purchase in a scale-down buying program.
Make no doubt, Gold is strong, and, in our estimation, this pullback will be limited in time and depth.