Gold moves into neutral phase

XAUUSD

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.

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