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Gold is at a Crossroad, Setting up for a Breakout
Converging trendlines: Gold prices have been trading at a crossroad above a rising trendline and below a declining channel resistance, as seen in the daily chart. The moving averages are also converging, reflecting a directionless market. The RSI is also stuck between 40 and 60, a reflection of consolidation momentum. Also, the RSI is at 50, and price is not only without direction, it is trading right near the 200-day SMA. This reflects a market that has reverted to its mean in this daily candles time-frame. Breakout: As the market gets closer to the convergence of the 2 trendlines, a breakout from these TLs might ... (full story)
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