Gold’s bullish moving-average crossover is the first of its kind since July 2014
by Tomi Kilgore
Gold prices produced a rare bullish “golden cross” technical pattern this week, the first of its kind in over 1 1/2 years, but it might be flashing more of a yellow light than green for gold bulls.
The 50-day moving average for gold futures GCJ6, +0.84% crossed above the 200-day moving average on Tuesday, a relatively rare technical event known as a “golden cross.” A golden cross also appeared in the SPDR Gold Trust exchange-traded fund’s GLD, -0.07% chart on Tuesday.
Many chart watchers believe this moving-average crossover marks the spot where a short-term rebound transitions into a longer-term trend.