Golden Cross for Gold: Not as Bullish as You Think Says Hays
Gold is cooling off after a 5-week central bank-driven rally sending prices up over 10% in the short term. Dollar strength is pressuring commodities across the board today, with gold down nearly 1% in early trading.
Last Thursday the precious metal’s move formed the Golden Cross — widely regarded as a bullish technical indicator formed when an asset priceline’s 50-day moving average breaks above its 200-day moving average. The last significant golden cross on the gold chart was February 6, 2009; from which gold prices rallied 11% in the following eleven trading sessions.
The golden cross is a technical term a lot of people use and I think it’s very much overcompensated with enthusiasm,” says Don Hays, founder of Hays Advisory, in the attached video. “The golden cross works sometimes and it doesn’t work other times.”
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