Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
US Dollar Rally Pauses: Gold Rallies
September 20, 2023 - (Gold Market Wire) - Its not been very exciting in Gold as of late, largely because of the strong US Dollar. Those with the guts to sell the $1950 strike in options have done well. Scalpers did ok, if they picked the right direction - which wasn't easy to do. The market is meandering.
But, still, we've had another up flag:
Pretty classic stuff. The Power Down Trend from Sep. 1 broke, we followed through and now we have got above the main down-trend. What's not to like? Well, the fact that the US Dollar looks unlikely to go to sleep for long.
Still, it's the market we have. It's not a big bullish move, but we can add the horizontal for a clearer picture ($1953).
Ideally we have a small scalp length here and hold on for the end of week close, hopefully above the horizontal, (in blue) which would put us in good stead for next week. Those with the appetite for the risk should probably take it. Scalp only - small size. Any failure, which reclaims the down trend will mean time to cut the loss. It should be noted that we haven't passed the 'witching hour' of September and October, where those big equity blowouts like to happen... so stay nimble! - but the equities look fairly placid as of right now.
Small, speculative length here. Let's see how we get on.