What Gold Just Did Hasn't Happened in 642 Trading Days… 👀
By Grant Hawkridge
June 9, 2026
Today's number is… 642
Gold finally lost its footing. After spending 642 consecutive trading days above its 200-day moving average, the metal has now broken below that key trend line.
Here’s the chart:
Let's break down what the chart shows:
The chart displays the price of gold in gold in the upper panel.
The red line shows gold's 200-day moving average.
The red circle highlights the recent break below the 200-day moving average.
The middle panel displays the number of consecutive trading days gold spent above its 200-day moving average. The black bars show the length of each streak.
The lower panel displays gold's rolling 52-week drawdown in red.
The Takeaway: Gold was one of the strongest trends in the world for nearly two years.
It stayed above its 200-day moving average for 642 straight trading days. During that stretch, buyers remained in control, momentum stayed constructive, and every meaningful pullback found support.
That trend has now changed.
Gold is trading below its 200-day moving average. RSI is in a bearish regime. Price is down 18.0% from its January high. The chart has also transitioned from higher highs and higher lows to lower highs and lower lows.
None of those signals would be decisive on their own. But taken together, they tell a very different story than the one investors grew accustomed to throughout 2024 and 2025.
That doesn't mean the long-term bull market is over.
A cyclical trend and a secular trend are not the same thing. The cyclical uptrend has clearly broken. The secular bull market remains intact for now. Gold is still well above the levels that launched the current advance.
The level that matters now is the 200-day moving average. If gold can reclaim it and push momentum back into a bullish regime, this correction may simply be a reset within a larger uptrend. If price remains below it and the moving average begins rolling over, the odds of a much deeper decline increase.
I don't trade gold directly, but I pay attention when one of the market's strongest trends stops acting like a leader. Gold has moved from the leadership column to the watchlist column.
The next move isn't about gold. It's about whether other major asset classes start following its lead.
