June 4, 2020 - (Gold Market Wire) - Gold has bounced near the horizontal support and snapped back nicely. It's still too early to tell if it's out of the woods yet, and we are not inclined to chase the market here. The chart shows us the challenge ahead.

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Rather than chase, we are more inclined to see Gold clear the "nemesis" of $1748, and settle down, before establishing the length that set us up for the run at the record high at $1921. We are convinced that Gold is preparing to do just that, and that will get there - but we could see solid action to the downside before that. In fact, such action might even increase the chances of Gold setting a new record. Big shake-outs precede big rallies. The challenge of the record high is likely coming in the next 2 years, but the timing for it is the key. It could be in a few weeks, or the end of 2021. We need to take it a step at a time. Of course, core positions should be held. No doubt, Gold is the place to be these days, but trading it still demands patience.