The last time gold dropped below its 200-day moving average was August 2008.
Investors have become conditioned to the effects of the U.S. Federal Reserve’s quantitative easing actions in 2009 up to the present, more or less, which have been observed to produce grinding liquidity-induced increases in asset prices of all stripes, including stocks and commodities.
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MarketWatch - What is gold telling us?
03 January 2012