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Gold Price And Its 200-Week Moving Average

June 22, 2016

I think we can safely assume the Brexit vote is going to fail. This should be bullish for stocks and bearish for the dollar. A falling dollar should be good for gold. However, with stocks and oil moving higher it’s likely to take some focus off gold.

I’m expecting the metals to be volatile for a couple of weeks as they build up the energy to break through the 200-week moving average. I do think gold will ultimately break through once the market recognizes the dollar is in trouble.

Pure gold is so soft that a strong man can squeeze it and shape it.
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