Gold challenges overhead resistance
The above is the daily chart of the XAUUSD. The precious metal is moving up to challenge its support turned resistance (red shaded horizontal). The green 5-day EMA has crossed above the orange 13-day EMA, which is moving gold back into a neutral/congestion phase. Moreover, if price breaks above the resistance area it is likely to chart a higher peak. This mean that the precious metal will have charted a series of higher troughs followed by higher peaks. The RSI (9) is already above 50 and positive. This would reflect a dynamic shift in technical terms and a bullish EMA formation may follow.
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