Is Gold Losing Its Shine? 🌤️ The Morning Print

Good morning! 

As Gold tests its prior highs from October of last year, investors are increasingly wondering whether it remains the safe haven they've long relied on.

Here's the setup.

Gold has been carving a series of lower highs since January.

This price action is generally seen as bearish, as momentum weakens and each rebound attempt is met with renewed selling pressure.

The metal is now sitting in an approximate -17% drawdown while it tests the polarity level around roughly 4,400-4,300.

A decisive break below 4,300 would increase the likelihood of further downside, with the path of least resistance turning lower.

Its a textbook example of potential distribution, and highlights what could occur when an asset begins to exhaust its pool of near-term buyers.

Consolidations can quickly evolve into breakdowns once key levels are broken, but as of now, Gold's major support level is still intact.