You're looking at the $2027-2023 area and if you get over that high, you're no longer in the downtrend. Here's your battleground; the pros are probably selling against this $2039 level that we've talked about.
Bloomberg reported U.S. January retail sales and weekly jobs claims came in softer-than-expected and gold got a nice lift at the end of the week, but not enough to flip in a positive rise in price like the other precious metals.
Historically, when the copper-gold ratio and the 10-year yield diverge, the 10-year tends to follow the ratio. For example in the third quarter of 2022, yields moved higher while the copper-gold ratio moved lower.
I am close to getting a major SGS system buy signal for the precious metals sector and charts like Barrick are definitely impressive! We will be significant buyers of the miners if we get the signal.
The US dollar is still throttling gold. For years, gold has tended to rally when the USDX is weakening and vice versa. The dollar is affected by changing Fed rate odds.
What I can tell you in looking at the chart, it's a bear slope in the market. I can also tell you you've got a pattern that's very clear of lower highs and lower lows – that is bearish.