Gold ETFs Break 200 Day Moving Average Again

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Gold ETFs Break 200 Day Moving Average Again

Gold ETFs broke through their 200 Day Moving Average, are gold ETFs looking bearish again?

Gold ETFs and the gold spot price took another dive below thier respective 200 Day Moving Averages today.  The gold spot price declined .34% to close at $1658.40 per ounce, while the SPDR Gold Trust ETF (NYSEARCA:GLD) and the iShares Gold Trust ETF (NYSEARCA:IAU) dropped .47% and .48% respectively.

From a technical perspective, gold ETFs and gold prices could go anywhere now, as they have again broken their 200 Moving Day Averages.  The 200 Day Moving average generally serves as a very strong support level for funds and prices, and a solid break through that support level typically indicates bearish sentiment.  With the gold spot price’s MACD hovering at .360 and with gold spot price’s low RSI of 38.25, anything could go for gold prices and gold ETFs.  However, the break through the 200 Moving Day Average could be all that gold needed to turn bearish.

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