$XAU – Retesting the 200 Day Moving Average - Video
Commodities / Gold and Silver Stocks 2017 Feb 19, 2017 - 05:39 PM GMTBy: Gary_Savage
Mining stocks have broken their daily cycle trend line and are likely to retest their 200 day moving average over the next week or so. This would potentially allow the daily RSI(5) to push down to an oversold reading near/below 30, give the rising 50 day moving average more time to catch up to price, and trigger the stops of traders who bought the breakout above the 200 day moving average within the past month. This is a normal corrective move that is unlikely to last much more than a week.
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Gary Savage
The Smart Money Tracker
Gary Savage authors the Smart Money Tracker and daily financial newsletter tracking the stock & commodity markets with special emphasis on the precious metals market.
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