May 1, 2024 - (Gold Market Wire) - Gold has finally started to properly retrace. It's been somewhat overdue. We were starting to wonder of we were just going to consolidate and then move higher. The chart shows the action and our power downtrend, in motion.

Our downtrend line will be the first point of recovery. How long it will be until Gold reverses is a bit of a guessing game right now. If anything, what is worth remarking, is the tentative nature of this pullback. It seems to be lacking in conviction.

So, $2350, which ad repeatedly referred to, did indeed become the pivot point, as we see when we zoom out.

The task at hand will be to identify the first purchase area. The market could continue to fall, and as we've made clear, wed be happy to see that. All this move is, is fuel for the next rally. Our power downtrend is steep. Let's see how long it lasts.