On this weekly line chart, gold is consolidating what appears to be a major breakout from a broadening formation. The top of the formation is the key $2000 price zone, making this breakout a very significant event.
When you're over an 18-week average and you come back often, the market will stall there figuring out what the next move is. When we look at the daily bar chart today, you had an outside day to the downside.
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.