Gold and the 50-day Moving Average

It is critical to observe that gold may be finding support at its 50-day moving average, as shown in this chart in cyan (light blue). Today, it reads 796. The 200-day moving average is depicted at the bottom of the chart in magenta (to me, it's pink). You can barely see it below. These moving averages are important because many traders, particularly in large trading firms, watch them closely and take or exit trades based upon them.