The worst performing precious metal for the past week was gold, down slightly by 1.1%, as recent U.S. inflation data reduced expectations for future interest rate cuts.
What the market did is it was running day after day six days in a row over the upper Bollinger Band, it pulled back and now it's in that consolidation phase.
The pattern is one of higher lows, we've had higher highs at this point. The market hasn't tried to make a run back to the 18-day average for the main support.
So far we're down 1% for the week okay? It's $22. You're down a percentage point. You can see how the market made a short-term trading top right through there.
Should I see further evidence over the coming weeks, then the probabilities rise quite dramatically that we could see a 25%+ stock market decline in 2024.
