Tiffany & Co. (NYSE: TIF) is set to report earnings Friday morning. The luxury jewelry retailer might not seem like a systemic stock on the surface, but Tiffany offers clean insight into luxury spending that can translate into spending trends in so many other luxury categories.

The consensus Thomson Reuters estimates are $1.52 earnings per share (EPS) and revenue of $1.31 billion for the period that includes Christmas. Estimates for the coming quarter are $0.80 EPS and $954.9 million in revenue.

At $91.64, the stock is currently about $3 under the stock’s 52-week high of $94.88. This area of $92 and $93 has acted as serious resistance for the stock. Tiffany’s 50-day moving average is down at $88.57 and the 200-day moving average is all the way down at $81.96. Keep in mind that Tiffany shares traded at $80 as recently as the start of February. Tiffany’s jewelry trades at sharp premium against its competitors. Its stock trades at a premium as well, at about 21.5 times next year’s earnings estimates. That is even based on 14% earnings growth and 7.5% revenue growth.

One issue to consider is that the price of gold is down handily. The recent swings can change the value of the inventories. When Tiffany raised its guidance back in November, it seemed as though the stock was headed to all-time highs even then.

Tiffany has traded in a range of $67.75 to $94.88 in the past 52-weeks, and its market cap is almost $12 billion.

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