Gold breaks the January low
The selling in gold is picking up into US equity trading. There has been a lot of selling around this time in the past few months.
It's down $34 to $1800 at the moment after touching $1798 at the lows.
The break of the January low isn't pretty from a technical perspective.
The seasonal tailwind for gold is winding down and the fundamental backdrop isn't getting traction.
There's inflation and deficit worries building but they're deep enough in the pipeline that markets aren't focused on it. Crypto is also doing a better story for some of the crowd that likes to invest in the end-of-the-world.
Finally, this week's big push from retail on Monday into silver (and gold to a lesser extent) has fallen on its face. If you get that kind of enthusiasm and can't sustain it for more than a day, you have a problem.
The December low of $1764 is key from here. I'm increasingly confident that we're going to at least test it.
