Gold may be charting a higher trough

Russell Shor, CFTe, MFTA FXCM

The above chart shows daily price action. XAUUSD has charted a higher trough followed by a higher peak. This is the classical definition of an uptrend. The RSI(9) is above 50 (blue rectangle) and suggests an underlying bullish momentum is present. The precious metal is near its 200-day SMA, which has held as resistance. We are assessing if the precious metal is charting another higher trough (HT?) in the series.

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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