A Thanksgiving Bounce for Gold? By: Almanac Trader | November 20, 2017
Gold prices tend to move up prior to the holidays, and the trend worked especially well from 2000 to 2011. Seasonally speaking, it is best for traders to go long on or about the thirteenth trading day of November and hold for about ten trading days. Over the last 17 years, this trade has worked 13 times for a success rate of 76.5%. The longer-term history of this trade is not as good, nonetheless profitable. Gold has had a respectable year, up 10.8% as of today’s close.
After briefly breaking above $1350 in early September, gold quickly retreated back under $1300. It appears to have found support just above its 200-day moving average. But, it has also been struggling to reclaim $1300 and hold above. Stochastic, relative strength and MACD indicators are mixed. Stochastic indicator is negative, relative strength was trending higher until today while MACD is still holding onto a positive signal. Seasonal strength could give gold the boost it needs to break out above $1300.
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