Technical Short-Term Bullish Signals on Gold

Gold executed the bullish declining wedge with last week’s breakout. Confirmation is arriving in the form of a new PMO BUY signal and a STTM BUY signal that triggered when the 5-EMA crossed above the 20-EMA. We await a positive 20/50-EMA crossover to retire the ITTM SELL signal. Gold is in a bear market (50-EMA < 200-EMA) so should the rally continue, a conservative area of resistance would be around 1170.



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