The gold market bears are in solid near-term technical control as prices have been trending lower for six months. Prices last week hit a more-than-two-year low. The gold market bulls have been stymied by their metal’s lack of safe-haven demand amid geopolitical and economic concerns (inflation) that have historically boosted gold’s price. It appears other safe-haven assets such as the U.S. dollar and U.S. Treasuries are in better favor nowadays than is gold. Don’t count the yellow metal out, however. If and when the going gets really tough, gold will likely shine again as a safe-haven asset.—Stay tuned. Jim Wyckoff