Why does it matter that the 200-day simple moving average for gold is at its highest level since May 2014? The answer is that it doesn't really matter in itself, however, the slope of this key long term moving average does matter, and right now it's emphatically saying that gold is in a healthy uptrend:
Gold (Daily - 5 Year)
In many ways gold is also in the exact mirror opposite situation in which it found itself during May 2014 (in a downtrend that was about to accelerate lower), there are now many signs that gold is in an uptrend that could be on the verge of accelerating higher.
An old trick that I still play with from time to time is to remove price and indicators, and only look at key moving averages. This removes all the distraction of chart patterns, candlesticks and other indicators. When we do this with the gold chart right now it distills the picture to a steady uptrend that could be on the brink of gaining velocity:
Gold (200-Day Moving Average - 5 Year)
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