Gold ‘Death Cross’ Signals Slump to $1,200: Technical Analysis
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Gold futures may extend a slump and drop to $1,200 an ounce, the lowest since June, as moving averages signal a “death cross” according to technical analysis by by Logic Advisors.
The 50-day moving average has fallen below the 100-day average for two straight sessions, signaling futures on the Comex in New York may fall as much as 5.7 percent from yesterday’s settlement of $1,272.30 by the end of the year, said Bill O’Neill, a parter at Logic Advisors in Upper Saddle River, New Jersey.