Monday, July 23, 2018

Gold in a 'death cross'

Gold has sunk into a correction, and some forecast further downside. The precious metal entered a death cross at the end of June, a bearish technical signal where the 50-day moving average crosses below a 200-day.

Chartists say the next real support level is going to come in around $1,200 to $1,210. Gold has not moved below $1,200 since March 2017. It has fallen more than 6 percent in the year to date, while the S&P 500 has added 5 percent.