In the words of the famous author Mark Twain, “If you don’t read the newspaper, you’re uninformed. If you read the newspaper, you’re misinformed.”

In the words of the famous rock group the Rolling Stones, “You can’t always get what you want, you can’t always get what you want, but if you try sometimes, you just might find, you get what you need.”

It is no secret that one of the primary reasons that gold has been under so much selling pressure recently was the announcements made by three pharmaceutical companies that they had developed a vaccine for the Coronavirus. Two of which have proven to have an incredible 90-95% effectiveness.

With the holiday of Thanksgiving set to commence tomorrow, more than ever we need to be thankful for what we have, even though we are living in some very difficult times. However, there is another day that us as traders need to be mindful of. Traders need to focus upon the following day after Thanksgiving known as “Black Friday”.

In the last three weeks of trading, gold has moved from its opening price of $1955 on Monday, November 9, to current pricing at $1804.90. In other words, in just 12 trading days gold has lost approximately $150 per ounce in value. Selling momentum has been strengthening with the net decline over the last two days equaling almost $65.

Today a third pharmaceutical producer announced they have produced a viable vaccine candidate which can be stored at normal refrigeration temperatures. AstraZeneca’s vaccine can now be added to the list which includes Pfizer pharmaceutical and Moderna.

Although gold did close higher on the day, it still closed lower on the week with a low equal to last week’s. This marks gold’s second consecutive week of lower pricing. The total drawdown over the last two weeks amounts to a net decline of $86.

For the third consecutive day, gold futures have closed lower. Today gold opened at $1872.00, and as of 5:00 PM, EST is currently fixed at $1864.70 after factoring in today’s net decline of $9.20 (-0.49%).

Yesterday we focused on the fact that for the first time since January 2020 the 50-day moving average in gold futures crossed beneath the 100-day moving average. This death cross suggests that there might be a pause in the current gold rally. It is more evidence pointing towards the precious metals price decline since hitting historic highs just one month ago.

For the first time since January 2020 the 50-day moving average (green line) crossed below the 100-day moving average (magenta line), illustrated on today’s chart labeled as “C”. This is commonly referred to as a death cross. Most frequently the term is about when the 50dma crosses below the 200dma.