Bloomberg indicates gold has just cleared its 200 day moving average of 1623 to the upside, with a last of $1624. Is the correction over just as everyone was predicting $800 gold, or are we currently seeing merely a head-fake rally?
The 200 day is a significant level for technical traders, as gold had not breached its 200 DMA since 2009 in the aftermath of Lehman brothers.
200DMA indicated by green line on the chart below.
