Gold has formed a price chart pattern that has historically proven a bullish signal. If the past is any guide, that could mean more upside ahead for the precious metal usually regarded as both a safe haven and an inflation hedge. The price pattern, known as a ” golden cross ,” is viewed on Wall Street as a momentum indicator of a positive trend to come. It occurs when the 50-day moving average price for an asset rises above the longer-term, 200-day moving average. What that means today is that 50-day moving average price of gold has risen to $1959.80, surpassing the 200-day moving average price of $1957.70. Should history repeat itself, expect more upside to follow for bullion. The asset previously gained after achieving a golden cross pattern in both January 2023 and February 2022. The move in prices comes after gold futures briefly hit a new, nominal intraday all-time high of $2,152.30 an ounce Monday, before finishing down more than 2%. Gold prices have been surging in recent months, driven in part by expectations that the Federal Reserve will lower interest rates next year, as well as the war in the Middle East and Eastern Europe adding to geopolitical uncertainty. Easier monetary policy typically pushes down the dollar, lessening the attraction of holding the currency as well as cheapening the price of gold with a lower currency. @GC.1 3M mountain Gold futures prices have climbed in the past three months. — CNBC’s Nick Wells contributed reporting.
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