Gold’s Drop Below 200-Day Average May Trigger More Losses: ChartBy
Gold just dropped below its 200-day moving average -- a key technical level often used by chart watchers to predict future moves -- for the first time since February. Prices lost at least 7 percent within about two months on two occasions when the metal fell below the measure in 2014 and 2015. A slump below the moving average may mean this year’s uptrend is over, said Georgette Boele, a currency and commodity strategist at ABN Amro Bank NV in Amsterdam.
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