XAU/USD’s EMAS Moving Towards Bearish Stack Formation
The below is the daily chart of the XAUUSD. The orange 13-day EMA is looking to cross below the black 34-day EMA (green ellipse). This will put the EMAs into a bearish stack. I.e. the green 5-day EMA will be below the orange 13-day EMA, and the orange 13-day EMA will be below the black 34-day EMA. Furthermore, the RSI(9) is below 50 and indicative of an underlying bearish momentum (blue rectangle). This type of EMA formation is generally a characteristic of a mark-down phase. We continue to monitor for further developments.
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