Did Gold Just Place A MAJOR Buy Signal?

Did Gold Just Place A MAJOR Buy Signal?

The USD/JPY pair is clinging to crucial support near 111.70.  If the level fails to hold, the next support emerges around 106 – essentially indicating a retracement of the entire move since the trump election.   A breakdown would add significant fuel to the current gold rally, and would likely mean prices are headed back towards $1300/oz. 

Perhaps more importantly, gold’s 50 week moving average has crossed it’s 200 week moving average to the upside – a significant indicator of trend change as the pair have only crossed 4 times in the past 25 years, each time predicative of 3-10 years of subsequent market direction.

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