November 7, 2023 - (Gold Market Wire) - Gold has pulled back, and as we said in our most recent missive, this is the kind of action we need to see in a proper, sustainable, bull run. What we don't want to see is a flat out vertical move. Our slingshot gave us just about that - so we need to cool off - which we are doing. So, let's check the Fibonacci retracement, to see how we're doing.

Fairly close to the mark, for a first retracement. Remember, as volatility picks up the 'fibs' will help a lot.

And, also on the mark of support:

All in all - classic stuff. The market is galvanising for another move up. Our down move was against Dollar weakness - so the correlation has been limited recently. Today's USD strength may have helped the sell-off, but we're not putting too much store in it. Spec traders can try some spec length here. More conservative players can wait until $1934, if we get there.