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.

Gold has declined dramatically this week opening at approximately $1841 on Monday, with the February 2022 Comex contract currently fixed at $1790.10. Gold declined by three dollars today taking the weekly price decline two $50.90.

A report released today by the government indicated tremendous growth in GDP Q4, coupled with the change of market sentiment for gold from yesterday’s release of the Fed's updated monetary policy resulted in gold trading sharply lower.