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Gold Stuck In A Triangle

Published 02/23/2017, 06:30 AM
Updated 07/09/2023, 06:32 AM

Gold's sideways move that started last week will soon have to decide where to break. The more it's getting closer from the vertex of the triangle,(one end of a triangle), the more powerful the breakout will be. Forces are accumulating days after days like a stretched rubber band ready to be released.

XAU/USD Daily Chart

The last egoldfx TrendStrength warning was not confirmed by a technical signal such as a break out of the trend line. Today with a new cross between the gold strength line moving above the USD strength line, we just need to wait and see if tomorrow gold strength remains above USD strength line to void the previous downtrend warning.

TrendStrength Meter

The last confirmed trend reversal warning from the egoldfx TrendStrength Meter was "right on the money"... and so far, unless proven otherwise, the short term trend remains up.

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