Posted by Adam English - Friday, September 21st, 2012
Gold has gained nearly $200 – or 10% – in the past four weeks, it is $20 away from its 2012 high of $1,790.30 and it's about to break out again.
Although gold prices remained flat yesterday, there is a great reason to stay on board for greater gains ahead.The best truly is yet to come... here's why:
With a crossover between the a shorter and longer-term moving average, gold prices just formed a “Golden Cross” yesterday. The 50 day moving average ended the day at $1,650 and the 200 day moving average was at $1,645.
The technical indicator signals a strengthening bull market. Quite often, the longer-term moving average becomes a key point of resistance when bullish trading subsides.