Updated

Staggering around the 2000 mark -up or down, that's the question

Staggering around the 2000 mark - up or down, that is the question!

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It's taking off... will we ever see $2000 again?

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I am happy about the fact that most traders are bearish and are just waiting for gold to crash to $1930 or so.
What they don't understand is that a situation is slowly developing where the US could default.
I think all these gold shorts are going to end up like frogs in slowly boiling water, giving away a lot of money to those who already suspect what is coming.

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Another danger not to be underestimated, perhaps the greatest of our time, is that the sanctions and trade wars degenerate into a hot war between the superpowers of the US and China.
In such a scenario, the value of Gold is likely to rise rapidly. If all states fuel their war industries with freshly printed money, trade between states could only take place against Gold, similar to World War II.
Not a pretty prospect, but not entirely unlikely.

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Gold fights a tough battle and bites his way up, bit by bit. The short sellers are slowly getting cold feet and don't know what to do. Have fun making the right decision!

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As far as I'm concerned, the only way is up, but your mileage may vary, of course.
Markets are treacherous and unexpected, never forget that.

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On the weekly chart, $1830 is the line to watch - everything else is background noise

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News reports... Compromise for a bill to avert the default of the United States sealed. The bill must now be passed as quickly as possible in both chambers of the U.S. Congress - the House of Representatives and the Senate - and signed by the President so that the U.S. government does not run out of money. U.S. Treasury Secretary Janet Yellen had most recently warned that the money could run out on June 5. This was preceded by an intense dispute that even caused Biden to cancel foreign trips.

I wonder what is likely to happen to the Gold price if things don't go as smoothly as desired during Wednesday's vote?

ReallyMe

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ReallyMe