Gold pricing consolidates above the 200-day moving average

NEW YORK (June 8)  As of 4:55 PM EDT gold futures basis, the most active August 2022 contract is fixed at $1854.40 which is a net gain of $10.70 or 0.58%. In fact, over the last 13 trading days, gold prices have remained and closed above a key technical study that indicates whether or not a stock or commodity is in a long-term bullish or bearish trend; the 200-day moving average. Currently, this key indicator is fixed at $1841.70. At the same time, it must be noted that gold has been trading in a narrow and defined trading range between $1821 and $1875 for over two weeks now.

When viewing gold prices through a Japanese candlestick chart traders focus on the "real body" which is a rectangle drawn between the open and closing prices. In a daily Japanese candlestick chart, the real body represents the open and closing prices for the trading day. The daily high and low are referred to as wicks and do not warrant the same attention as the real body.

KITCO