Rising indirect taxes on goods used by masses in most countries. Gold and only physical gold is the best hedge against the multiplier effect of rising income inequality.
If it stays just like this and gets over $2352.30, that would give you higher lows and higher highs – and if you close $2350.80 it turns into an all-buy signal.
Quarter-end position squaring and rebuilding will start from today and continue for the next two weeks. Gold and silver are holding key short-term supports.
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.
