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.