Gold Trades Higher, Aims for Rebound after Death Cross Crystallizes

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Gold prices were trading modestly higher, a day after bullion posted its lowest close since June and as a bearish pattern materialized in the commoditys price pattern.

Prices for the yellow metal for April delivery were off 6.10, or 0.3, to trade at 1,778.80 an ounce, after bullion fell 1.5 on Wednesday and marked its lowest settlement since around June, based on the mostactive contract.

On Wednesday, the mostactive gold futures contract also registered its first death cross since June 2018, according to Dow Jones Market Data, with the 50day moving average at 1,856.46 and the 200day moving average at 1,857.67.

A death cross occurs when the 50day moving average crosses below the 200DMA, which is widely viewed as a dividing line between longerterm uptrends and downtrends.

Meanwhile, silver for March delivery was of 10 cents, or 0.4, to trade at 27.21 an ounce, following a decline of less than 0.1 on Wednesday.

Commodity dealers were also digesting data on for U.S. weekly jobless claims, which rose in midFebruary to a fourweek high of 861,000, underscoring that Americans are still losing their jobs nearly a year after the onset of the coronavirus pandemic.

Source Marketwatch

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