Gold Drops 7% Weekly, Near $4,200/Oz, Death Cross Looms
AAAU•Gold has dropped about 7% over the past week to hover near $4,200 per ounce, touching a six-month low as the 50-day moving average threatens a Death Cross. Increased bets on Fed rate hikes after U.S. consumer sentiment rose to 48.9 have curbed gold’s appeal and pressured bullion ETF flows.
1. Gold Price Weekly Performance
Gold declined roughly 7% over the past week to trade around $4,200 per ounce, marking its second straight weekly loss and hitting the lowest level in six months.
2. Technical Indicators Signal Death Cross
The 50-day moving average is approaching a crossover below the 200-day moving average, a chart pattern known as a Death Cross that can indicate further downward momentum for gold prices.
3. Impact of Fed Bets and Sentiment
Rising odds of Federal Reserve rate hikes have dampened bullion demand, while an uptick in U.S. consumer sentiment to 48.9 reduced gold’s safe-haven appeal and pressured related ETF inflows.
