gold silver Wagner Could gold’s 200-day moving average become a technical level of support?
Market technicians unanimously agree that the 200-day moving average is the line in the sand when it comes to technically determining if gold is in a long-term bullish or bearish trend. While it is the longest time cycle typically used in moving averages it is been the accepted “go-to “study to determine the current long-term trend of a market.
On Monday gold futures broke below its 200-day simple moving average, after opening at $1810. Gold traded to an intraday high of $1823 before selling off sharply by first breaking below $1800 and finally settling on the first day of the week at $1781. Gold futures prices would spend the rest of the week clawing its way back up. It would take until Friday to accomplish that task. On Tuesday gold traded fractionally higher trade with a higher low than the low on Monday.
Another key element in gold pricing this week is that this week’s high of $1822 creates a double top as it matches the intra- week high that occurred during the week of August 8. The top that occurred during the week of August 8 and this week created a chart pattern that can be best labeled as a rounding bottom.
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