For the first time in 100 trading days, the price of gold (using the front month futures contract) dropped below its 50-day moving average. This ends the third longest streak of trading above its 50-day that the commodity has had since 2000. The prior two streaks eneded back in 2002 (124 trading days) and 2008 (143 trading days). As shown in the charts below, in each of those periods the price of gold took some time before rebounding to prior highs.
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