June 28, 2020 - (Gold Market Wire) - Friday's action has given us some added refinement to the channel we identified on Thursday. It was a highly encouraging session for the Gold bulls and lends an air of encouragement for higher prices. As we said on Thursday, the lower end needed some tweaking, and we were a little to high in our estimation, though only by about $4/.oz. No serious problems there. That's why charts need to be re-drawn everyday, as the developments shape the trend.

Our chart as it stands:

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The channel top looks solid, and now we have increasing confidence in the lower marker. Above and beyond that, Friday's action, as we said, was highly constructive for the bulls. A significant move down to set the lower boundary, shook the tree to chase out the weak length and set the stage for a very strong run into the close.

We now have the highest close Gold has seen since Q4 2012, and we got it on a weekly closing basis. If the monthly/quarterly close holds, the market will be in solid shape. We are also encouraged by the fact that there hasn't been a runaway/parabolic move to the upside. That means the bull has some solid legs.

It's a good time to be long, and length should be held. Drawdowns can be bought.