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Gold rallies toward 'golden cross' after defying bearish signal Nov 29, 202316:08 GMT+5 By Myra P. Saefong
Precious metal trades near highest since May
Gold futures have climbed to their highest prices since May, just eight weeks after a death cross in prices signaled the potential for further weakness.
That marks a shift in the market toward a bullish indicator known as a "golden cross," which happens when a short-term moving average climbs past a long-term moving average.
Gold futures were on track to soon reach that technical milestone. As of Tuesday, most-active futures (GC00) saw the 50-day moving average at $1,947.82 and its 200-day moving average at $1,952.17, according to Dow Jones Market Data. The December gold futures contract (GCZ23) settled at $2,040 an ounce on Comex, the highest finish since May 9.
The gold-backed SPDR Gold Shares exchange-traded fund GLD, however, is much closer to reaching its golden cross. In Tuesday trading, the ETF's 50-day moving average was at $179.70 and its 200-day moving average climbed to $180.12.
"Whether or not gold enters the golden cross, the investment case for gold is strong," said Joy Yang, head of product management and marketing at index provider MarketVector.