Wednesday, October 24, 2018

Gold price holding strong over last 10 days as it closes over 100 day moving average for first time in six months

Following gold's highest jump in price on Oct. 10 since the Brexit vote a few years ago , it has surprisingly not only held those gains over the past 10 days, but just yesterday it closed above its 100 day moving average for the first time in six months.


For the first time since April 26, gold has closed above its 100-day moving average. Although gold closed well off of the intraday high, it did manage to close above the 100-day moving average for the first time in six months. Gold prices surged to a high of $1,243 before backing off, and as of 4:20 PM Eastern standard time, gold futures are currently fixed at $1,233.20, which is a net gain of $8.60 (+0.70%) on the day. - Kitco
Looking at the gold chart we also see that the price appears to be creating a new floor at around the $1228 mark, which bodes very well for the precious metal as market turmoil and geopolitical chaos forces investors to seek safe havens for their cash going into the rest of the year.

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