Gold went to $2225 yesterday. By the end of the day yesterday, it finished at $2184. So you had a $41 break from that peak. I'm looking for $2149.50 to hold as support.
Lastly we can see how horribly undervalued Precious Metals stocks are relative to gold itself on our chart for $GDX divided by gold going back to 2001. Only on two other occasions during the life of this chart have they been so undervalued.
Right now, we're just starting the week off, we're up 0.12% at $2164.20. But you've had a correction going on, with lower highs and lower lows in the market.
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.
