For the first time since January 2020 the 50-day moving average (green line) crossed below the 100-day moving average (magenta line), illustrated on today’s chart labeled as “C”. This is commonly referred to as a death cross.

It was absolutely a risk-on day favoring stocks and taking the Dow Jones Industrial Average to a new all-time high as the index trades just shy of 30,000.

Gold has closed higher for three of the last four trading days. That being said, gold did sustain a sizable price decline this week. On Monday gold futures traded to a low of $1,848, and closed just slightly above that at $1,854.30.