Editor’s Note: According to Larry, there’s a serious emergency forming in the U.S. dollar… that it is heading for a sudden, violent fall
And it could all start on July 24, 2026. And that’s no hunch. That date is written into an emergency law the government quietly invoked earlier this year.
It may sound hard to believe. After all, right now, everything seems fine. There’s no chaos on the streets. There’s no blood in the water. But make no mistake… If Larry’s right, July 24 could be the most dangerous day in the history of the U.S. dollar.
That’s why he’s put together an urgent briefing. In it, he explains exactly what’s happening, why it’s got him so concerned, and what you can do about it. Go here to learn more.
Should You Believe Gold’s Death Cross?By Larry Benedict, editor, Trading With Larry Benedict Stocks are coming off one of their best quarters in years. The S&P 500 gained 14% during the second quarter, which is the best quarterly gain since 2020. The tech-heavy Nasdaq-100 fared even better with a gain of 25%. But there wasn’t upside for all asset classes, especially precious metals. Gold prices fell 14% for the quarter, marking the metal’s steepest decline in 13 years. That’s despite all the catalysts coming together that should boost gold… war in the Middle East, concerns over inflation from rising energy prices, government debt, and deficit spending. That isn’t stemming the drop in gold. The pullback is so severe that it’s triggering an ominous chart signal. So today, let’s check in on gold prices and see if there is more pain in store or a recovery on the horizon.
Gold’s Blowoff TopStarting in 2025, gold prices went on an epic run, peaking near $5,500 per ounce in late January. That peak had all the hallmarks of a blowoff top… a surge in volume, a massive intraday range, and a sharp pullback just a day later. Gold would go on to lose the 50-day moving average (MA, blue line), which has served as resistance several times over the past quarter and kept gold trending lower. Here’s the chart below… 
(Click here to expand image) After losing the 50-day MA in March (arrow), gold has come back to test that level on at least three separate occasions. And each time, gold prices were rejected lower. Since the late January peak, gold prices are stuck in a downtrend of lower highs and lower lows. Now there’s another bearish chart pattern coming into play that’s making gold bugs anxious… but it could take everyone by surprise.
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Trend or Mean Reversion?Gold’s downtrend off the January peak is pulling long-term moving averages lower. And for the first time in nearly three years, it’s triggering something called the death cross. That’s when the 50-day MA crosses below the 200-day MA. Here’s the gold chart again. 
(Click here to expand image) You can see the 50-day MA (blue line) is crossing below the 200-day MA (green line) this past week. The term given for the crossover sounds rather ominous because it reflects a growing pullback and downtrend in an asset price whenever it’s triggered. But it doesn’t always mean there’s more pain in store for the trend. The last time gold prices saw a death cross was in late 2023. It pretty much marked the low during gold’s pullback at that time, which was followed by a massive rally. There are reasons why gold prices could see a short-term rally higher this time around as well. There are two things to note on the chart above. First, you can see that gold prices are extended far below the 50-day MA, which points to the potential for a snap-back rally. There’s also a positive divergence forming on the Relative Strength Index (RSI). The RSI measures underlying price momentum and is making a higher low (dashed line) relative to gold’s most recent low. That shows fading momentum on the downside. So while the death cross in gold prices just triggered, gold could fool investors with an oversold rally over the near-term. Happy Trading, Larry Benedict
Editor, Trading With Larry Benedict
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