The CRB Index fell heavily along with Oil this week. Gold followed them sharply as I was expecting. The metal broke a triangle formation and fell through the 200-day moving average, as well, this week. As noted below, it ended the week below the 200-day MA but above 50-week EMA. Unless a strong rebound above 600 happens next week, I think Gold is gonna continue it's downward journey towards the next support which should be around $540 (38.2% Fibonacci retracement and a previous low).
These developments in the commodity markets start to look worrying as they may mean a global slowdown. Barry Ritholtz from The Big Picture puts it best:
"My largest present concern is oil and other commodity prices. It's no coincidence that gas, oil, gold, aluminum and copper all have dropped at the same time. I read that as signs of a global slowing in demand."
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