August 10, 2023 - (Gold Market Wire) - Gold has fallen through our up-trending line (see below) and staying under this European a.m. Our 'revisit' $1900 theme is coming to fruition, but it could be a larger fall this time, such is the chart damage being meted out.

There's little one can do but take a defensive posture. That means patience and waiting for a better entry point. The chart indicates we will get one. The bigger (zoom out) picture is just as concerning for the bulls.

As we search for entry points, the first juncture will likely be $1870, if we ge there. Our previous scale down plan worked well, but showed the importance of trading out. This market isn't going to make it easy for anyone, so - trench warfare it is.

Lastly, if we were to surmise anything from the recent 'goings on' - we'd have to be wary for a US Dollar rally in the making. Right now, it looks like the EUR/USD upside has been exhausted. As the summer lull encroaches we may see some book squaring, but in our opinion only, hanging on to Euro length seems to be the wrong way 'round to be positioned. As ever - Long Dollar - and looking to get long Gold, for the trading book.