Over the last three trading days, the vast majority of price advances in gold can be directly attributable to dollar weakness with only fractional gains due to market participants bidding the precious yellow metal higher.

Gold futures basis the most active April 2022 Comex contract had modest gains today. After factoring in a net gain of $4.80 (+ 0.27%) April gold is currently fixed at $1801.20. Multiple factors were responsible for today’s reasonable gains.

On Friday my article spoke about the fact that it seems as though a pattern called a “Death Cross” was imminent. I said this because the difference between the 50- and 200-day moving averages was only $0.20.