We are down at this point in the week 1.59%. The support is I see it is likely to come in at the 18-week moving average of closes and currently, it's $2348.
You now have a downtrend with lower highs and a lower and low. You don't want to take out $2385.20. If that is taken out, you can't negate this pattern right away.
Notice how we've been just hanging here at this $2424.10 level...l ultimately think we're going up to another level here because India lowered the tax on gold.
The best-performing precious metal for the week was gold, but still down 0.80%. Total known ETF holdings of gold bottomed out at 80 million troy ounces on May 13, 2024.
The gold market tested a prior triple top and stays above the 18-week average. Despite pullback from a high of $2488.40, support is likely at the 18-day average of closes.
Long-term investors and medium-term investors, do not worry an iota for gold, silver, and copper. A 'buy on dips' mentality is still evident in gold and silver. Short selling is done only by intraday traders.
It was not a very good week for gold. However, the other precious metals fared even worse. Gold fell 0.9% after once again making new all-time highs to $2,488.
