The momentum setup is now ugly. The 21-day moving average is rapidly approaching the 200-day moving average, and while that is a slower signal, a bearish cross would hardly be comforting. The bull market began with the opposite setup, a golden cross. Now the market is flirting with the mirror image at exactly the wrong time, when confidence is thin, and rallies are being treated as exits rather than fresh entry points.

Gold is oversold, but oversold is not the same as safe. RSI around 26.9 tells you the metal is stretched and may be due for a tactical bounce. But an oversold bounce is not a repaired market.