The Gold ETF had a good day today; but nothing to change the technical picture.The chart remains below horizontal resistance and below the 50-Day Moving Average.
The MACD is below Zero. The RSI is below the mid-line.
The DMI- is above the DMI+ signalling a weak market; but the ADX indicates a non-trending market.
So - it is possible for Gold to move higher - but at the moment it seems on a slow slide downwards.
Until the technical picture improves considerably, I'll be giving the Gold ETF a wide berth.
Cheers
Redb
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