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Gold rallies toward 'golden cross' after defying bearish signal
Nov 29, 202316:08 GMT+5
By Myra P. Saefong
Precious metal trades near highest since May
Gold futures have climbed to their highest prices since May, just eight weeks after a death cross in prices signaled the potential for further weakness.
That marks a shift in the market toward a bullish indicator known as a "golden cross," which happens when a short-term moving average climbs past a long-term moving average.
Gold futures were on track to soon reach that technical milestone. As of Tuesday, most-active futures (GC00) saw the 50-day moving average at $1,947.82 and its 200-day moving average at $1,952.17, according to Dow Jones Market Data. The December gold futures contract (GCZ23) settled at $2,040 an ounce on Comex, the highest finish since May 9.
The gold-backed SPDR Gold Shares exchange-traded fund GLD, however, is much closer to reaching its golden cross. In Tuesday trading, the ETF's 50-day moving average was at $179.70 and its 200-day moving average climbed to $180.12.
"Whether or not gold enters the golden cross, the investment case for gold is strong," said Joy Yang, head of product management and marketing at index provider MarketVector.
Gold rallies toward 'golden cross' after defying bearish signal
Nov 29, 202316:08 GMT+5
By Myra P. Saefong
Precious metal trades near highest since May
Gold futures have climbed to their highest prices since May, just eight weeks after a death cross in prices signaled the potential for further weakness.
That marks a shift in the market toward a bullish indicator known as a "golden cross," which happens when a short-term moving average climbs past a long-term moving average.
Gold futures were on track to soon reach that technical milestone. As of Tuesday, most-active futures (GC00) saw the 50-day moving average at $1,947.82 and its 200-day moving average at $1,952.17, according to Dow Jones Market Data. The December gold futures contract (GCZ23) settled at $2,040 an ounce on Comex, the highest finish since May 9.
The gold-backed SPDR Gold Shares exchange-traded fund GLD, however, is much closer to reaching its golden cross. In Tuesday trading, the ETF's 50-day moving average was at $179.70 and its 200-day moving average climbed to $180.12.
"Whether or not gold enters the golden cross, the investment case for gold is strong," said Joy Yang, head of product management and marketing at index provider MarketVector.
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