Gold's $4k Bent but Not Yet Broken on a Weekly Close Basis

It's been a brutal four-month stretch for Gold and that statement really can be spanned back to six months, as it was January 29th when the metal had set its current all-time-high just below $5600/oz. The initial pullback from that move was violent, with prices testing just above the $4400 handle a few days later, but that move was bid as late-stage buyers posed a bounce, and that move inevitably topped out at a lower-high of $5400/oz in early-March.