In early trading Gold has been up sharply as has silver. Gold's 50 day MA will be shedding some elevated values as it takes on values at near the same value while the 200 day continues to move up, they will get closer but probably not cross. MACD is solid and as Ed noted, above the 50 day everyone will notice. Gold is above the 50 day MA, indicators are positive, volume seems to be making a moderate advance, and it has its normal seasonal tail wind of demand. Things look very positive in my opinion.

...and silver?

This is special, at 0300 eastern time we have a congruent event; anyone know what caused the draw down?

Most like bitcoin

What next for gold short term as long term is up IMO? the chart looks like a bottom might nearly be in as price is close to the lower boundary of the 2 sigma channel drawn from lows of fall 2018, near but still above the 200 day MA, and nearing the lower BB trace. It is now apparent that since Thanksgiving, gold futures have painted a bear flag. While having been figuratively kicked in the groin last Friday wrt to my PM portfolio, I am optimistic as I did not see any news to spur the take down, therefore do not believe it will last. Second, we are in a strong PM season and have a very strong push from fiscal and monetary policy. I nibbled a little last Friday afternoon and wrote covered calls on core positions expiring the same day to scalp a little cash.

A little more information on the gold beat down last Friday:

"Da Boyz were at it again on Friday the 8th at 9.00am European time. Gold was $1,905 at the time and moved down $30 in one move.

According to our sources, a sell order for 1.4 million ounces (43 tonnes) went through Comex with a value of $2.7 billion.

This was most clearly one of the bullion banks acting with the BIS (Bank for International Settlements) in Basel.

No sane trader would ever dump 1.4 million oz of gold in one go in an illiquid market. If he did, he would be fired on the spot.

So this was clear manipulation. The big short position of the bullion banks clearly necessitated a lower gold price."

Taken from:

https://goldswitzerland.com/bidens-banana-republic/

Actually, its a pretty good article.

A little more information on the gold beat down last Friday:

"Da Boyz were at it again on Friday the 8th at 9.00am European time. Gold was $1,905 at the time and moved down $30 in one move.

According to our sources, a sell order for 1.4 million ounces (43 tonnes) went through Comex with a value of $2.7 billion.

This was most clearly one of the bullion banks acting with the BIS (Bank for International Settlements) in Basel.

No sane trader would ever dump 1.4 million oz of gold in one go in an illiquid market. If he did, he would be fired on the spot.

So this was clear manipulation. The big short position of the bullion banks clearly necessitated a lower gold price."

Taken from:

https://goldswitzerland.com/bidens-banana-republic/

Actually, its a pretty good article.

It would be quite sane if you knew you could buy more back than you sold at lower cost ave and get away with it every time.

"It would be quite sane if you knew you could buy more back than you sold at lower cost ave and get away with it every time." There is that and as stated in the article about the bullion banks holding a big short position, but I firmly believe the bullion banks are doing the work of the fed although I have no hard proof. If you had a big short position, it might make sense to short even more to drive the price down, but then you would have a greater short position to cover at some point. Second point is Hunt Brothers demise was being way too long on margin and the exchange changed the margin rules demanding more collateral and Hunts could not come up with it so the big margin call. It would be in reverse, but the exchange could again change the rules and stop this manipulation in its tracks, but they do not. Is it the trading commissions and margin fees? Maybe to a degree, but I believe there is an additional motivation to control prices by monetary officials and they are using the banks to control price appreciation. TF Metals report had an article predicting price appreciation for gold and silver. Basically the gold prediction is for 20% because it has been 20% roughly the last several years Why such a steady increase if not controlled? I do not know, but it does not pass the smell test for me.

"It would be quite sane if you knew you could buy more back than you sold at lower cost ave and get away with it every time." There is that and as stated in the article about the bullion banks holding a big short position, but I firmly believe the bullion banks are doing the work of the fed although I have no hard proof. If you had a big short position, it might make sense to short even more to drive the price down, but then you would have a greater short position to cover at some point. Second point is Hunt Brothers demise was being way too long on margin and the exchange changed the margin rules demanding more collateral and Hunts could not come up with it so the big margin call. It would be in reverse, but the exchange could again change the rules and stop this manipulation in its tracks, but they do not. Is it the trading commissions and margin fees? Maybe to a degree, but I believe there is an additional motivation to control prices by monetary officials and they are using the banks to control price appreciation. TF Metals report had an article predicting price appreciation for gold and silver. Basically the gold prediction is for 20% because it has been 20% roughly the last several years Why such a steady increase if not controlled? I do not know, but it does not pass the smell test for me.

It's Occam's razor. The simplest explanation is most likely the correct one.  I think you have it nailed.