June 29, 2023 - (Gold Market Wire) - Gold is drifting down towards our second target, as $1900 comes into view.

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Once again, patience has been proven right. Waiting for $1900 has paid off. The chart formation is somewhat ominous. It looks like we could be headed for a breakdown, unless we turn around soon. A breakdown/waterfall might clear the last of the leveraged length out of the market. We're not even 10% off of the closing high, so we have no concerns. Gold is Gold. With all that is going on in the world, one would be prone to expect some wild price swings. Size must be applied accordingly. Interestingly, the "round-trip" to current prices has been equal in time. That doesn't usually happen. Death by a thousand cuts? Or a cautious, tentative, retreat? We think the latter.

The March 13 gap should be a focus. If we fall through, we could be headed for a more protracted sell off.