Gold Price Chart Posts Bullish "Golden Cross" Formation, Will it Rally?
2021-06-09 20:30:00
Peter Hanks,
Strategist
Gold Price Forecast:
Gold posted a bullish “golden cross” formation this week that could suggest further gains are ahead
Gold bulls will need to avoid further taper talk that could spark a USD rally and cripple gold gains
Gold Price Chart Posts Bullish "Golden Cross" Formation, Will it Rally?
Gold prices may continue to rise after the precious metal posted a bullish moving average crossover on the daily chart early this week. The “golden cross” formation occurs when a shorter-term moving average overtakes a longer-term moving average and many traders take the crossover as a hint that further gains could be in store. In the case of the gold price chart, the 50-day simple moving average has overtaken the 200-day simple moving average around the $1828 price point and may equip gold with the bullish sentiment required to push higher.