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“Golden Cross” Suggests Palladium Could Rally in Next Six Months
Nov. 20, 2013 12:04PM PST
Precious Metals InvestingReuters reported that yesterday, spot palladium’s 50-day moving average was set to break above its 200-day moving average, “a highly bullish formation known as a golden cross.” The movement suggests that the metal has room to rally in the next six months or so.
Reuters reported that yesterday, spot palladium’s 50-day moving average was set to break above its 200-day moving average, “a highly bullish formation known as a golden cross.” The movement suggests that the metal has room to rally in the next six months or so.
As quoted in the market news:
‘The 50 crosses above 200 illustrates continued demand from institutional investors,’ said Adam Sarhan, chief executive of New York-based Sarhan Capital.
‘The golden cross is a good intermediate- and long-term signal for further strength. Typically, the market’s higher in 3-6 months out, if not longer,’ Sarhan said.