I had intended to mention the "Golden Cross" of the 50 and 200 day in the earlier post, "
As Gold Dips Below $1300 Barclays Sees Gains For Platinum Group Metals (GLD; PPLT; PALL)".
We don't agree with the analysis but the chart is clear and simple.
From
Investing.com:
Gold
has been falling for about two weeks straight. It is now into a solid
support level. This level is not only a gap fill on the SPDR Gold Trust (ARCA:GLD))
but also the 20 and the 50 moving averages. These two moving averages
make up a necktie, which is a strong technical support level. The
signals are saying a bounce in gold is coming. This is a short term
trade, not a long term investment. Lock and load.
I know GLD is not gold and that some of the more rabid advocates of the metal could bend your ear for an hour on the differences but for our purposes on this 27th day of March 2014 it makes a handy proxy with the added advantage over bullion that you can follow volume flows. GLD $124.38, down $1.03; April futures $1293 down $10.40, the soon to be front future May's: $1292 down $11.50.
Here's
FinViz showing the move from 5am to 9:00-1:00:
