The fall in gold, silver, and copper will be called a correction. The short-term bearish trend will be confirmed only if the falling trend continues next week.
We knew we'd see some resistance in the $2450. The gold market hasn't broken the uptrend, you'd have to get under these lows to do that – and the first support's at $2359.
Long-term investors of gold and silver are suggested to hold onto their investment. Do not panic even if there is a short-lived, short-term bearish trend.
Going forward, if we see widespread dumping of Treasuries coupled with a buyer’s strike and the Fed aggressively monetising new issue, as looks likely, it means that the dollar and the dollar index will drop and drop hard.
In the gold market, the bias is still up on a weekly basis with an all-time high in the market: $2454.20. The pattern is still one of higher and lows higher highs – bullish.
India’s physical demand for gold and silver will start in a big way only from the middle of June. Cash is still used in a big way to buy gold/silver in any form.
