March 21, 2024 - (Gold Market Wire) - We have a very mixed picture in the Gold market today, after strong overnight action out of the East. Our sloping downtrend never completely became a back and fill, but instead shot up to 2231.00, making a spike high. The chart reveals the action and some of the 'problems'.

So, $2150 held - and there hasn't been a close below. Impressive, no doubt. Then, the dramatic upward spike, which always brings the concerns of a 'top out' move...and always seems to come out of the East. Who can forget the last one, that suckered everyone in - right before the big sell-off. Now we have a gap up, and we will need to hold it through the end of the week, to keep the bulls in shape.

We'll be keeping a close eye on that gap! If it holds through tomorrow...we could be making another surge. There seems to be some serious interest from the long side out of Asia...but it could just be 'fun and games'. Right now, every day we spend above $2150.00 gives power to the idea that we have made a plateau, and are entering a new pricing environment. The 'back and fill' was so shallow as to be un-noticeable. If it keeps up this way, we will have to accept it, and be prepared to add back the 50% we dropped from the trading position. Nothing is ever perfect in trading - well, almost never, at least. But the discipline of cutting only 1/2 has kept us in the game. along with the increased core position that we took below $2100.00.

Within the above context of entering a 'new era' for Gold, we would be remiss if we did not mention the deteriorating American and European political environment. Things are going from bad to worse - across the board. No wonder Gold, that stalwart "barometer of confidence" continues to perform its duties.

‍