by David Schectman, MilesFranklin.com:
Two years ago gold was $1,100 and silver was $16.18. The Dow was 10,725. Compare the performance of all three. Gold is UP 50%. Silver is UP 89%. The Dow is UP 17%.
Gold has now crossed above its 200-day MA (see chart below) and is heading towards its 50-day MA, which stands at $1,678. If gold can close above $1,678 it will have turned clearly bullish and should head for the $1,700′s.
[...] It’s 6:15 a.m. New York time, on Thursday and gold is $1,664. The $1,678.63 50-day moving average is not that far off now. The last time gold was north of the 50-day moving average was in early December. When gold closes above both the 50-day and the 200-day moving averages, the momentum funds and technical funds will start to re-enter the market and gold should move up fast. Gold is already comfortably above the 200-day moving average, which stands at $1,634.30.
