A favorite indicator of technical analysts is the 200-day moving average. Prices above or below this line often reveal the underlying trend. Above, and you’re often in a solid uptrend; below, and you’re in a pullback and consolidation. After a great run, price now stands at a crossroads.Rather amazingly, COMEX gold futures have closed their 200-day moving average every day since October 17, 2023. Every day for two and a half years! That’s a remarkable stretch that saw price rally from $1900 to $5500. See below:
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For current market pricing, review thegold spot price chartand broaderspot price charts.Gold Price Trends And Moving Average PerformanceAlong the way, price has followed a pattern of 20% rallies, followed by 3-5 months of consolidation. With each pause, technical analysts claimed that price would need to fall back to its 200-day moving average before moving higher again, and along the way, those analysts were wrong every time. As you can see above, price moved in stages from:• $2000 to $2400• $2400 to $2800• $2800 to $3400• $3400 to $4300• $4300 to $5500Yet each advance came without a back test of the 200-day moving average, which I’ve added as a 40-week moving average below (40 weeks being roughly 200 trading days):Read More @ SprottMoney.com
For current market pricing, review thegold spot price chartand broaderspot price charts.
Gold Price Trends And Moving Average PerformanceAlong the way, price has followed a pattern of 20% rallies, followed by 3-5 months of consolidation. With each pause, technical analysts claimed that price would need to fall back to its 200-day moving average before moving higher again, and along the way, those analysts were wrong every time. As you can see above, price moved in stages from:• $2000 to $2400• $2400 to $2800• $2800 to $3400• $3400 to $4300• $4300 to $5500Yet each advance came without a back test of the 200-day moving average, which I’ve added as a 40-week moving average below (40 weeks being roughly 200 trading days):Read More @ SprottMoney.com
Along the way, price has followed a pattern of 20% rallies, followed by 3-5 months of consolidation. With each pause, technical analysts claimed that price would need to fall back to its 200-day moving average before moving higher again, and along the way, those analysts were wrong every time. As you can see above, price moved in stages from:
Yet each advance came without a back test of the 200-day moving average, which I’ve added as a 40-week moving average below (40 weeks being roughly 200 trading days):
Source: SGT Report
