The Battle Continues
I thought the Swiss were always supposed to be "neutral" in global battles for supremacy. Apparently not.
We are clearly in a very interesting battle for the price of gold. Through their actions, "Western" central banks (the bad guys) have made it quite clear that they would like to see the price of gold drop, hoping to see the value of gold be reduced at the same rate they are reducing the value of their fiat. "Eastern" central banks and prudent global investors (the good guys) are seizing upon each manufactured dip. Thankfully, so far, the good guys are winning. Whether this will cause our adversaries to give up and retreat to higher ground remains to be seen.
The battle will almost certainly be joined soon by the criminal C/C/C. The actions of the central banks have once again provided the volatility "cover" they need to raise margins. Of course, the C/C/C is not a true ally to the central banks in this battle because they are acting in their own self-interest. Like we saw yesterday, The Cartel will likely use any protracted weakness to continue covering long-held short positions.
Given all of that, I think we can be quite confident that recent trends will continue and, accordingly, that the trendlines on the charts below, especially the longer-term ones, will continue to act as solid support.
So far, gold has rallied back nicely from its lows near 1825. I have a last of 1844. As the battle continues to rage, my suggestion to you is to stay on the sidelines. Hold your positions but only add on steep selloffs, down to the major support areas, where confidence is higher that floors can be found.
I'll be watching things all day and will update as needed. TF