Gold futures traded to a high of $1879.50 overseas last night but then fell sharply off of these highs as the U.S. Census Bureau announced the advanced estimate of retail and food services sales for October 2021.

Higher yields in the U.S. Treasury notes were a primary factor taking the U.S. dollar higher, which in turn pressured gold to close lower on the day. This is the first instance in which gold has closed lower in the last eight consecutive trading days.

While gold has traded to a higher high, a higher low, and higher close than yesterday, the key is that it has been consolidating right beneath a critical area of resistance.