miércoles, 13 de febrero de 2013

miércoles, febrero 13, 2013


Trading Post

February 12, 2013 11:31 am
 
Gold bugs beware dreaded ‘death cross’
 

News of North Korea’s latest nuclear test helped gold rally in early Asian trading on Tuesday. But the “havenbounce proved brief.


By mid-session the precious metal was again flirting with five-month lows.


Thin trading during the Lunar New Year holiday coinciding with another break below the 200-day moving average – currently $1,664help deliver the latest leg lower.


It also leaves bullion below the support level of $1,650 just as technical analysts will start worrying about the potential for a “death cross”.


That occurs when the 50-day moving average, now around $1,673, drops through the 200-DMA.


Traders may position to exploit such a move, thereby exacerbating it – and as such the death cross is considered a negative signal. (The clue is in the name.)


Gold bugs must be getting exasperated by this price action, especially given that central banks continue to be supposedly bullion-supportive in their ultra-loose policies.


But those who bought gold relative to yen have benefited from the focus on the Bank of Japan’s largesse. At Y155,000 an ounce, gold is only 2 per cent off its high.

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Copyright The Financial Times Limited 2013.

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