Gold moves into neutral phase
The above is gold’s daily chart. After the precious metal’s decline on 15 May, gold has effectively been consolidating sideways in a symmetrical triangle type of pattern. Now, its green 5-day EMA has crossed above its orange 13-day EMA (red ellipse). This has effectively ended the bearish EMA formation where the green 5-day EMA was below the orange 13-day EMA, and the orange 13-day EMA was below the black 34-day EMA. Moreover, its RSI(9) has moved above 50, which is indicative of an underlying bullish current. As such, gold is now considered in a neutral or congestion phase until proven otherwise.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.