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From the Trading Desk
Over the last three weeks, the 100 day moving average (currently at $1,106) has rejected gold’s advances on four separate occasions. Yesterday’s equity market sell off finally encouraged enough safe-haven bids to lift gold over this hump though. Traders who were short gold ahead of the 100 day moving average were forced to cover positions which has allowed gold to reach three month highs this morning. Should gold’s momentum continue upward, the next major resistance level is the 200 day moving average at $1,133, a technical indicator it hasn’t been above since October of last year.
Gold’s inverse correlation to equities has been particularly strong lately. The fact that gold is up today while equities are also moving higher is a good sign that it wants to challenge new heights in the near term. Recent physical statistics also give credence to gold’s price action. Chinese gold imports from Hong Kong surged to the highest level in two years in December, rising to 3.56 million ounces from 1.89 million in the same month a year ago. Gold ETFs have continued to add to positions this year with the largest SPDR ETF currently standing at nearly 21.5 million ounces. While not expected to cause too much market angst, keep an eye out for tomorrow’s FOMC meeting.
Doug Eberhardt is a 28 year financial services veteran and precious metals broker selling gold and silver at 1% over wholesale cost. Doug has written a book to help investors understand how gold and silver fit into a diversified portfolio, how to buy gold and silver, and what metals to buy. The book; “Buy Gold and Silver Safely” is available by clicking here Contact phone number for Buy Gold and Silver Safely is 888-604-6534
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