Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Warning Lights Flash on Gold
June 5, 2023 - (Gold Market Wire) - The relentless power of the US Dollar, much to the Goldbugs' chagrin, is keeping the lid on the Gold price, as our channel comes under pressure. First up is the big picture:
The tactical thing to do would be to consider some length here - but the strength of the US dollar prevents that from happening. We are starting to slip lower. Our lower boundary is getting challenged. The same chart as above, Zoomed in:
Our strategy has been to buy small at $1950, larger at $1900 and larger still at $1850. And it looks like we may soon get our second fill.
Right now we are following the Yen closely. We're now at 140 to the US dollar, and it looks like we are going to have another run at 150. That will help the sell-off in Gold.
The day of the widow-maker doth slowly arrive! After decades of non-stop rising against the US dollar - is the Yen poised for a "swan-song"?