“Golden cross”: Both gold and silver are forming this bullish chart pattern
From Zero Hedge:
… We have seen consecutive weeks of bullish strength in the gold and silver markets. Gold has completed what is known as a ‘Golden Cross’ and silver is poised to complete one in the coming days.
A ‘Golden Cross’ occurs when not only the current price, but also shorter-term moving averages such as the 50 day moving average “cross” or rise above the longer term 200 day moving average.
Gold’s 50 day moving average (simple) has risen to $1,651/oz and is now comfortably above the 200 day moving average (simple) at $1,645/oz and accelerating higher.
Silver’s 50 day moving average (simple) has risen to $29.86/oz and will soon challenge the 200 day moving average (simple) at $30.47/oz.
These are important indicators of longer term technical strength and in conjunction with the recent positive technical picture are bullish.
The 18 months of sideways-to-lower price action has…