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 daily
Aside from the moving averages, there is lots happening on the charts.
- The uptrend since the start of the year broke today
- The Feb 28 low broke today
- The 38.2% retracement of the 2014 rally broke
- 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.