Today marked both the month and quarter end closing price for gold and silver. For those who watch technical indicators and moving-day averages, the failure of gold to close above the 200 day moving average at $1,262 indicates that a major upward move in gold may have not yet begun. It is quite possible we will see another period of weakness prior to the main event.
That doesn’t mean gold cannot rise from here. It simply means on a price/time basis, gold has not given the “all clear” signal. Any upward price movements may be temporary, with continued pullbacks to various support levels – the strongest of which is in the $1,200 range.
Although it is always nice to see your holdings grow in value, those who continue to steadily accumulate gold and silver for the long term see this range bound trading for what it is. A gift.
The world continues to absorb the implications of a rapidly changing financial system. That includes the introduction of cryptocurrencies, which have their own set of problems to contend with. Amidst all the noise and introduction of new technology, it is great to know that you can own the one form of money that has endured for over 5000 years.