The market came down last week, and for this week, it's up almost two percent, and it's up $54 for the week. The market pattern is one of lower highs, lower lows.
The best-performing precious metal this past week was gold, despite experiencing its first weekly loss due to tariff threats against Canada and Mexico, set to take effect on March 4.
Gold has failed to take out $3,000, with a high thus far of $2,974. Still, we appear to be on a fresh upward wave from lows seen in November/December 2024.
As a market runs, it eventually stops hitting that band and backs away, and it goes into what we call a pause or a correction; maybe that's beginning right now.
We are thrusting higher in wave $v$, which has a projected endpoint: $v$ = 1.618(2431.50-1973.10) = 3035.50. We expect higher prices as the thrust higher continues.
With the inflation scare in the air, Gold duly dropped as it needed to so do anyway, price as below shown arriving smack on the ascending regression trendline from one year ago-to-date per the weekly bars.
