Gold is down $25 to a one-month low of $1310 today but a golden cross looms on the daily chart as the 55-day moving average is poised to rise above the 200-day.

Gold technical analysis March 24

Gold daily

Aside from the moving averages, there is lots happening on the charts.

  1. The uptrend since the start of the year broke today
  2. The Feb 28 low broke today
  3. The 38.2% retracement of the 2014 rally broke
  4. The late-Feb low of $1307.41 is holding so far

I’m holding some gold longs and I’m still positive but in the short-term I envision gold slipping below $1300 before it stabilizes.