March 27, 2023 - (Gold Market Wire) - Credit Suisse faces the shotgun wedding, Gold pops and the cry goes up, once again, "this is it!". It never ends and it never fails to be the time to reverse the trade. As we said in our previous missive, selling against the resistance line was the best course of action for trading Gold.

And sure enough, we had two 'pops' above $2,000 and neither held. The market, once again, got ahead of itself. We took money off the table against the chart, and it worked....discipline. Most people - sure that $2,500 was right around the corner, didn't - and are now staring $1950 in the face. The leveraged players, despite our warning, either got stopped out or are having sleepless nights - worrying that they will have to "feed the position" so it doesn't get closed out. They waved off the discipline and now - they wear the pain.

Firstly, the deposit guarantee calmed the market down. That's the most important facet...which leads us to the all-important second facet of Gold - it reacts to the public mood! This is a retail-based market, much more than an institutional (read - Central Bank) one. Gold, a small market, reacts when the public panics and everyone piles in. That note of hysteria is when you have to be ready to take profit.

Secondly, we didn't like the Silver action near $2,000. It wasn't following through the way we would expect.

Weak Silver on a Friday close...to us that means "take profit." We should have been following through and rocketing higher, awaiting the next Sunday afternoon failure announcement!!!

So what now...with Gold trading $1946.00? For the trading position, we cut half around $50 higher. We're not enthused to add it back yet. We'll carry the other half and wait. We don't rule out another down draft. If we get 3 successive days down, we might consider adding that 50% of length back. As for now...

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all eyes on Deutsche Bank share price!!