Gold is flat today at $1329 after three days of sharp losses. Gold is a standout performer this quarter, rising 10.65%.
Several levels of support are beginning to converge. Not only is the 200-day moving average just $30 below spot, the 55-dma is about to cross over, creating a golden cross. Nearer to spot, there is also the uptrend from the year-end lows. The Feb 28 low is also adding minor support.
Gold daily
I have been long gold for almost all the quarter and was lucky enough to cover my position on Friday. I’m going to dip my toes back in here but I expect a longish period of consolidation before gold gets back close to $1400.
