For the second consecutive week gold prices fell. We are now down over $100 from the all-time high set just seven days ago. We are holding above recent lows down near $2,300.
We are down at this point in the week 1.59%. The support is I see it is likely to come in at the 18-week moving average of closes and currently, it's $2348.
You now have a downtrend with lower highs and a lower and low. You don't want to take out $2385.20. If that is taken out, you can't negate this pattern right away.
Notice how we've been just hanging here at this $2424.10 level...l ultimately think we're going up to another level here because India lowered the tax on gold.
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.
