The best performing precious metal for the past week was gold, up 1.00%. The World Gold Council (WGC) published its gold ETF flow data for May this week.
Gold has gained some 35% since that low last October 2023 so pullbacks are not unusual. Despite the current correction the trend remains firmly to the upside.
Gold: with wave *iii*, wave ^i^ ended 2151.00, and wave ^ii^ at 1923.50. We are now rallying in wave ^iii^, which a projected endpoint of: ^iii^ =- 2.618^i^ = 2568.70.
Gold's record levels, absent American stock investors, has been a show of strength. Sooner or later, investors will accelerate this gold upleg to monster 40%+ gains.
The pattern is almost like a stepping ladder and each time you get a rally, it seems to break those lows. Those are also making for a downtrend with lower highs and lower lows.
You're still up in gold 1.34% but the pattern: lower highs lower and lows. The challenge for the gold market is: Can it get back up and over the $2369.60 level?
