A combination of events collectively has put tremendous bearish pressure on gold pricing. At least for today, the combination of all of these events has resulted in a perfect bearish scenario causing a $30 drop-in gold futures.

For the first time in six weeks, gold has flirted with $1800 per ounce. The last time gold effectively challenged $1800 was during the week of August 23, when gold opened at $1780 and then closed at $1820.

The government released the inflationary report for September today vis-à-vis the CPI (Consumer Price Index), which showed that inflation continues to increase.