Gold Death Cross Signals Price Slump as Soros Sells
“The trend and the mood has turned negative,” Shaffer, the president of Medford, Oregon-based Infinity, said in a telephone interview. “Selling may gather momentum if prices fall below the cross.”
The death cross forms as a short-term moving average falls below a long-term measure. On Feb. 15, the 50-day average was $1,672, and the 200-day measure was $1,665. The first bearish target is $1,550, and the next is $1,538, Shaffer said. He didn’t give a time frame for the slump.