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.
Despite Gold having taken a bit of a blow for the week, the fresh parabolic Long trend “ought” see yet another All-Time-High, shall we say, “sooner than later."
I am not calling this week’s fall in gold and silver a bearish trend. This is just a correction and nothing else. Sector-wise position squaring and rebuilding is there.
Gold was the best performing precious metal this week, up 0.78%. Uganda plans to start domestic gold purchases to build up its foreign exchange reserves.
Gold, silver, and other safe havens will rise till the conclusion of the US presidential elections. In between sharp sell-off (if any) will be part and parcel of the bullish trend.
Trading Recommendation: Go Long gold. Use puts as stops. Active Positions: Long gold futures from about $1070 for a long-term C-wave hold, with puts as our stops!
