Wednesday, December 27, 2017

Gold's climb since the Fed's FOMC and rate hike has now pushed the price back to its 100 day moving average

In the weeks preceding the Dec. 13 FOMC meeting and subsequent rate hike by the Federal Reserve, the gold price was smashed down below its three 'pillars' on the technical chart.  By this we mean the price was pushed below the 50, 100, and 200 day moving averages.

But following the Fed's move to raise interest rates a quarter point two weeks ago, gold has steadily risen and on Dec. 27 moved back to just under its 100 day moving average.  And this means that a breakthrough of this technical level with strong volume could see a push to $1300 at or around the beginning of the new year.

Traders are dumping equity protection and buting chaos protection as VIX tumbles near the year's lows and Gold jumps back towards its 100-day moving average - and its highest level in a month. 
Gold is up 9 of the last 10 days, at its highest since early Dec and testing its 100DMA... ($1292) - Zerohedge


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