So from the previous big picture post (public) let’s dial in now to a little daily (live) picture of spot gold’s pair against the US dollar. XAU/USD broke above the pattern neckline (now short-term support, green), the SMA 50 and the top of the wedge.
Au/USD’s immediate job is to hold these parameters, beginning with the SMA 50. You can see that RSI got a little peppy as it jumped well out ahead of its EMA 20 (blue line). But that jump has turned the EMA 20 up and quite simply, it is time for gold to hold support and turn on the afterburners to firm that trend. The up-turning SMA 200 is a positive.
Now it’s up to the pair to stay in line with its currently positive setup. One word out the White House’s main orifice, the multiple Fed orifices or other such noise can ruin a chart in a nanosecond. But at this time it’s a constructive daily chart. Just FYI.
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