Gold challenges overhead resistance

Russell Shor, CFTe, MFTA FXCM

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.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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