Dow Loses 5% in Last Two Days and Gold Prices Pop Gold Closes...

Dow Loses 5% in Last Two Days and Gold Prices Pop


Gold Closes Above Its 50-Day Moving Average
Gold's massive upside pop to current pricing is not only above the psychological resistance level at $1,200 per ounce but also through the 50-day moving average which is currently at $1,204.20.



The fact that gold broke and closed well above the 50-day moving average gives technical evidence that the bearish demeanor that has been so prevalent in gold pricing might have concluded. It also indicates that the short-term market trend in gold has reversed and is now bullish.



Based on our technical studies, the next real resistance level in gold resides at $1,246.40, with solid support at $1,217 per ounce.

https://www.kitco.com/commentaries/2018-10-11/Dow-Loses-5-in-Last-Two-Days-and-Gold-Prices-Pop.html