Gold Daily Chart Lacks Clear Direction
We have added a triple moving average system to determine the trendiness of XAUUSD. Green>orange>red is regarded as a bullish formation. When this is achieved with angle and separation (blue arrows) a price uptrend typically ensues. Current price action lacks clear direction in this regard. We note that the short-term green moving average has turned down. If green<orange<red develops this will be considered a bearish development for the precious metal.
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