Gold futures reached a so-called “golden cross” on Friday, with the most-active contract ending above $1,900 an ounce for the first time since late April, according to Dow Jones Market Data. A golden cross happens when a short-term moving price average crosses above a long-term moving average, potentially indicating a change in sentiment toward the metal. The 50-day moving average for most-active gold futures rose to $1,789.94 Friday, topping the 200-day moving average of $1,786.74. “Gold has easily cleared the $1,900 level, and hitting these big numbers helps attract investors to a trend,” said Brien Lundin, editor of Gold Newsletter. Meanwhile, a golden cross for gold “should attract more buying from technically-oriented traders,” said Lundin. Gold for February delivery
GCG23,
rose $22.90, or 1.2%, to settle at $1,921.70 an ounce on Comex. Prices ended 2.8% higher for the week, according to Dow Jones Market Data.
