Both gold and the Gold Spider Trust (Ticker GLD) sold off in today's trading, and each broke their respective 50-day moving average.
Although oversold on stochastic, the RSI remains above oversold levels while the MACD crossed over into negative territory. In addition, both gold and the GLD broke the 50-day moving average on somewhat alleviated volume. I think this suggests that next support will be in or around the 200-day moving average, a range that also represents a 61.8% retracement of the broader move off the August 2012 lows.
Although oversold on stochastic, the RSI remains above oversold levels while the MACD crossed over into negative territory. In addition, both gold and the GLD broke the 50-day moving average on somewhat alleviated volume. I think this suggests that next support will be in or around the 200-day moving average, a range that also represents a 61.8% retracement of the broader move off the August 2012 lows.
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