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.
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.
