Gold & Gold Stocks Fail at 200-Day Moving Averages
The Daily Gold
www.thedailygold.com
June 17, 2018
Jordan Roy-Byrne CMT, MFTA
Gold & Gold Stocks Fail at 200-Day Moving Averages
Fed week is exciting for some. Gold bulls and bugs alike hope the Fed will do something or say something that will trigger a huge move in precious metals. It doesn’t work like that. The Fed follows the market, which for the Fed Funds rate (FFR) is the 2-year yield. The 2-year yield has been screaming higher over the past 12 months and it implies at least another two rate hikes in the future. That’s not good for precious metals and could be partly why (among other reasons) Gold and gold stocks have lost their 200-day moving averages. Whatever the reason, the short-term technicals are negative and there is risk of increased selling before a potential rebound in July.
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