Something, that I am observing closely for the major long term trend in gold, is the 50-day moving average (50MA) on the monthly chart (MN). So far, 5th month in a row, gold is being pulled to it and is unable to choose direction. Which way will it go from here will shape this market for the years to come. Most people underestimate the simple 50-day moving average, but to me it is probably the most valuable technical indicator, and together with the 200MA they make for an extremely accurate, and yet simple, measure of market direction.
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