Gold Price Moving Average Cross and Hold

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“There are 2 levels to be aware of for possible resistance in gold; 1219 (38.2%) and near 1250 (50% and former support…including Brexit day low)…1171 (11/25 low and lows on 1/5 and 1/6) should be watched for support.” Never got 1171 as gold held the 20 and 55 day averages, which exhibit a positive cross. This dynamic (positive cross and the averages holding support) has happened several times over the last year and each time led to solid gains.