This turned out to be a strange looking gold chart. This is only the second time in the past 12-months the price moved above the 200-day and now its stalled, the last time was back in February/March and it had a nice continuation before they slammed it lower, this time its sidetracking just above the 200-day.
The 20 and 50-day are crossing just below the pivot it left behind, I would have already expected that pivot to fill by now, but its stuck just above the 200-day.
In February/March, ... it had a nice run up to the $1,390 area before getting smacked back down and this time, .. it cant clear the $1,320 on some pretty frightening and upsetting events that are occurring around the world.
The 20/50 flip occurred down in the $1,245/55 range back in February/March and had a nice steady climb and as the 20-day crossed just above the 200-day, SMACK, ... down she goes, I dont know what to make of it, all the lowers are overbought, so I question how long it can hold this area above the 200-day? ... long enough for the 20-day to move above it? .. perhaps.
The upper trend line from the peak at $1,430+ to the peak at $1,390, meets the side-line just above $1,360 and I think that is when we will see its intention. But that sudden turn around, a U turn, ... in the first week of June has me puzzled, it surely was headed lower before it made that U turn, and now, ... it stalls here?
From one desperate move to another? Maybe someone can comment, you might see something others are not seeing and whats really odd to me is the fact that the lowers are signaling lower prices and are ready to move lower, ... as the price stands still, almost as if its dead, ... or ready to come to life! If not for the little bit of easy work below, .. I'd be much more bullish.
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