NEW YORK (TheStreet) -- I find it interesting and potentially rewarding to spot a market turn and then follow it as it progresses.
We highlighted the improving gold market yesterday and today we want to point out a technical improvement in real time, so to speak.
Many traders, technically oriented or not, follow moving averages and cross-overs. One of the more popular moving average time frames is the 50-day simple moving average. Note how Thursday's post Federal Reserve announcement rally has lifted the SPDR Gold Trust ETF (GLD) - Get Report above its 50-day moving average.
The crossing of the moving average will prompt some traders to either cover shorts or go long, so look for follow-through buying on Friday. When the slope of the 50-day moving average turns positive, it will be another reason to go long precious metals.