The Gold ETF had a solid rise today, up almost two percent.
It has risen above horizontal resistance set up by a relatively long sideways consolidation. That's a significant move. It also confirms my concerns in the previous post, that the XAO may not be setting up for a tradable rally. The Gold ETF looks like setting up for a tradable rally - but it would be rare for both to do so at the same time.
Cautious traders will wait for the daily MACD to cross over positively before adding to positions.
Cheers
Red
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