Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
Gold Channel: The Outlook
May 23, 2023 - (Gold Market Wire) - We got our move down to $1950 right, but the question that now begs is, can we stabilise. At times like this its always good to check out the (big picture) channel.
![](https://cdn.prod.website-files.com/5d754afa7a6dfa49fd253976/646c81ff6fe50a9fb368fed5_Screenshot%202023-05-23%20at%2011.02.55.png)
Anyone hoping for the short, sharp move back into "bullish territory" has been disappointed. The strength of the US Dollar has dented Gold's recent allure in the short-term picture. We must now keep an eye on the 100-day moving average, and the all-important channel bottom.
Adding in the horizontal marker certainly tells us why we have paused where we have.
![](https://cdn.prod.website-files.com/5d754afa7a6dfa49fd253976/646c84626772a1e6643640f6_Screenshot%202023-05-23%20at%2011.15.10.png)
Below our current level here are several, more minor, support lines from the horizontal markers, but the present one (in red - above) is the strongest - ergo, the pause. As it stands right now, a move to the 100-day moving average looks likely, and it coincides perfectly with our channel.
Big Picture, for us: A proper "clean-out" of the weak length before we taken on the all-time highs again. We're bullish. We like our purchase from before, at $1953. It was sized in anticipation that we are likely to get another buy or two in before the market settles down, and returns to a bullish posture. Any weekly monthly closes below $1812 means we have to take the pain and start cutting. The next purchase, if we get it will be larger than the first, and any around $1812 will be the largest.
A proper 'scale-down' in anticipation a forth-coming rally. This is not the way bull markets end.