Gold Breaks $5K As The “Safe Haven” Narrative Cracks

Losing momentum

Gold is trading below $5k for the first time in several weeks, with three lower highs forming, hardly a bullish pattern. The 50-day moving average and the longer-term trend line sit just below and remain key supports.

Our range logic still holds for now, but a close below those levels would open the door to further downside. The 100-day MA sits much lower, around $4,600.