The below is the daily chart of the XAUUSD. The green 5-day EMA has crossed below the orange 13-day EMA (blue ellipse). This has put the EMAs into a bearish stack. I.e. the green 5-day EMA is below the orange 13-day EMA, and the orange 13-day EMA is below the black 34-day EMA. The RSI(9) has also dipped below 50, which may be indicative that a negative momentum may be emerging (blue rectangle). If the EMAs are able to develop angle and separation it will be viewed as a bearish development.
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