Golden Cross as China ramps up

Technical analysts get excited when we have a “Golden Cross” where the 50 day moving average crosses the 200 day moving average as happened yesterday and depicted below.  This is often seen as a breakout event which can trigger strong price rallies.  Additionally China reported 109 tonne net imports for February which is an incredible 30% increase on January and nearly 80% increase on last February, and Iraq bought 36 tonne.  So what happened to the price last night with this news? It came off and was exacerbated for us by a jump in the AUD.  Some will say this was bank shorting to cap any jump and (temporarily) guard their positions but on any level it doesn’t feel sustainable does it…