It never fails, when ever the 50 day crosses over the 200 day they trot out the old ‘Golden Cross’ chestnut that is actually one of the most useless signals in TA. There is absolutely no good to come from announcing a daily Golden Cross on an over bought market as being relevant to anything – other than maybe a coming correction.
So I am seeing references this morning to gold’s Golden Cross and yawning. Gold is super bullish on the intermediate picture, but over bought and subject to interim downside reaction. As for this chart, the EMA 50 has crossed the EMA 200 (1st green box) and the more commonly watched SMA 50 is about to do the same with the SMA 200 (2nd box). Big deal.Add to SocialTrade