The latest leg of the gold bull run was predicated on:
1) An unstable banking system
2) A Fed pivot
Today we're getting a big rebound in US regional banking stocks, albeit from extremely-depressed levels. It's been aided by a JPMorgan upgrade of some names. On top of that, the US non-farm payrolls report was strong and that likely lengthens the timeline before the FOMC can cut rates.
In response, gold is down $42, or 2.1%, to $2008.
Technically, gold momentarily touched an all-time high yesterday in thin Asian trade but for all intents and purposes, the tough barrier at $2070 held. You have to zoom all the way out to a monthly chart to show how pivotal that level is.
I think eventually the top blows because the Fed will eventually cut and the US dollar will eventually slide but it won't be today.