The precious metal is still higher on the year, so is this just a small setback or are we setting up for a steeper decline?
(Read: Gold ends near 2-week lows as ETF flows dry up)
Ryan Detrick, Chief Technical Strategist at Schaeffer's Investment Research sees gold heading to $1,420 an ounce and says a reversal of the key moving averages is a positive technical indicator for gold. "Recently the 50-day moving average has moved above the 200-day moving average, a bullish cross," Detrick noted. "This can be a sign that the bulls are going to take charge here."
But some market strategists see gold as more of a fair-weather investment.
"Gold's four-day losing streak seems most related to the decline in jitters in the broader markets," notes Enis Taner of Riskreversal.com. "Gold is likely to rise if volatility in the stock market rises as well."
(Read: Stocks up before earnings; longest win streak for S&P 500 this year)
Something else to pay attention to? Silver.
Silver is underperforming gold this year, and has seen serious declines in the past two months, a sign that Steve Cortes of Veracruz TJM finds concerning. "When silver lags gold it is a very bad sign for both of the precious metals."
What to make of gold? Check out the video for more.
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