April 29, 2024 - (Gold Market Wire) - We've had the surge; tried to close above $2400 and failed; slipped below our pivot point of $2350, and then...not much. $2318 to $2391 (on closing) for about three weeks now. $2350 is still a pivot, but its losing its luster as an indicator. Obviously, $2400 it the big challenge at hand, but we will first have to make it above $2350.

To garner some idea of where we are in the big picture, we turn to the channel:

...and the zoom:

The reversal on April 12 didn't take hold. The pullback that started on April 22 has, in retrospect, been a very short and shallow affair. The market is building strength for another up move, it would seem. The fact is that we are really in 'mid-stream'. Trading wise, pullbacks need to be bought, lightly, and sold as we move higher. Not scalping, but some decent short-term trading. That is how we see the tempo of the market. Our expectations of a larger pull back are failing to materialize. We have moved side-ways instead. That implies continued strength in the market.

That is hardly surprising. The recent imparting of more money for Ukraine is revealing the "no plan B", out of Washington. So, the run up to the election, which is going to be long, protracted and painful, is likely to keep Gold firm. The mid-east is quiet for now, but hangs like a Damoclean sword over all proceedings.

Trading posture is from length only. We are slowly releasing our expectations of a pullback for a climb to $2400, and the upper echelons of the channel.