April 1, 2021 - (Gold Market Wire) - Book squaring yesterday and today has helped lift the Gold Market, as traders flatten out ahead of the long Holiday weekend for Good Friday. No real surprise, that we would get a lift here, and the Goldbugs can take some comfort from the fact that $1686 has held into the weekend - and further carnage has been avoided.

So now we head into the extended weekend with the conundrum of whether or not the market has put in the bottom which will a rally to finally develop. It's a tough one to call but, it's worth remembering that 1) The US Dollar rally is not really abating in any manner and 2) our main downtrend is still in play and hasn't been crossed yet. At a minimum we should be waiting for that.

And, as always, it's tough to put a lot of stock in the pre-holiday/low volume rally. The only thing it has told us is that the spec players were short and have been covering, and that nobody in their right mind wants to carry a short position home over a long weekend (or, perhaps, any weekend for that matter) when so much could happen to change the tenor of the market. Not the least of those concerns, as we head into Easter, will be the potential for emerging conflict between super-powers over Ukraine as well as Taiwan, and the ever present challenges that North Korea always seems to bring to the fore. In an environment like that, a short metals position is nothing to hold while the markets are closed for several days in a row.