Gold Down Eight Days in a Row

Includes: GLD, IAU
by: Bespoke Investment Group

For the eighth day in a row, gold finished the day down.  Since 1975, this is the sixth time that the commodity has had an eight-day losing streak. 

Just as eight hasn't been a lucky number for Chinese investors, eight-day losing streaks for gold haven't a turnaround point either.  Looking at the five prior eight-day declines, gold has finished the ninth day with a gain three out of five times, but the average return has been a decline of 0.2%. 

Looking out over the next week, gold has finished lower three out of five times for an average decline of 0.8%.