July 17, 2024 - (Gold Market Wire) - As we expected, Silver's failure to clear resistance could be a signal for the end of Gold's recent, monumental run. And it looks like that's how things are shaping up. The power up trend in Gold, on news, no doubt, has made the market go vertical. That is usually a sign of a top, and sure enough, it looks like one is forming.

As we have been keen to watch - Silver has called the top in its failure to clear resistance:

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And Gold starts to stall:

and zoom out:

Our own opinion is that you'd have to be mad not to take profit on trading length here. It's been a hell of a ride, but nothing moves like this forever. Of course, it remains to see how USD strength and the news cycle develops...but for now, its a good place to be flat for those with positions.

As regular readers know, the last phase of this move higher has been bemusing for us here. In short, we thought a pullback would happen sooner, but the political situation everywhere in the world (seemingly) has kept the market is a state of firmness. We are looking for a rest - but in no way do we believe the bull market in Gold has ended. Long-term players may think about where to buy on pullbacks...and how long any pullback may last. We have been out of the trading side for a few weeks, so we didn't capture the last part of the move, but the increased core position we established months ago has given us ample cover. We will be taking profit on 15% of that core at this level.