Precious metals had a banner year in 2025, and that strength pulled through into the first month of 2026, peaking on January 29th. Closing in on the midpoint of the year, gold has been falling and is now basically back to flat on the year (now up 0.6% YTD). In the past few months as gold has reversed earlier gains, it has been consolidating between an upward trending 200-DMA to the downside, and a downward trending 50-DMA to the upside. Last Friday, the yellow metal picked a direction as it closed below its 200-DMA for the first time in two and a half years.
As shown below, Friday's close below the 200-DMA was the first instance since November 10, 2023. That 642-trading day streak ended what was the second longest on record behind the 731-trading day streak ending in December 2011. For all streaks since 1975, it is only the seventh time it has extended to 300 trading days or more.
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