January 16, 2024 - (Gold Market Wire) - The shine has come off Gold's recent action as the US Dollar surges ahead. Admittedly, there isn't a lot in it - except sentiment, but the Gold market's fear of a resurgent Dollar is back for the first time this year.

The EUR needs to hold here, or we could see a downdraft really take hold in the fx side. That could dent the Gold price, which is showing a mixed picture at present:

Our move above the main downtrend now looks like we got head-faked, but we will await the out come of the EUR/USD. Notwithstanding that, the two charts give continued support to the central thesis - long Dollar and long Gold. That core position has done well. The trading position is meandering, and needs monitoring. If the bottom our channel gives way - we will have to cut.