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Gold Is Below Its Golden Cross, Bonds, Utilities Rally

Stocks in this article: TLT GLD XLU

NEW YORK (TheStreet) -- Comex Gold ($1294.5) had a golden cross on Wednesday when its 50-day simple moving average at $1,304 crossed above its 200-day SMA at $1,299. The day's low at $1,299 held this key support, but this morning gold is below the crossover. 

A 'golden cross' occurs when a short-term simple moving average crosses above a longer-term simple moving average for any market or stock. A 'death cross' occurs when the 50-day SMA falls below its 200-day SMA The 50-day had been below the 200-day when a death cross occurred on Feb. 25, 2013, with gold just below $1,600 the Troy ounce. On Feb. 17, 2009, gold had a golden cross trading just below $975. The 50-day stayed above the 200-day until April 19, 2012, with gold at $1,650 as shown on today's daily graph for gold. 

Courtesy of MetaStock Xenith

Gold needs to rally to a weekly close above its five-week modified moving average at $1,312.80 to avoid having a negative weekly chart. This would also sustain the golden cross on the daily chart. Note that the 2014 high for gold was $1,392.60 set on March 17. This high was quickly reversed under the 'power of the pivots' at $1,385 and $1,373.

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