Gold challenges overhead resistance

The above chart shows daily price action. Gold has broken out of a pennant pattern (green converging lines). It is now challenging overhead resistance. The RSI(9) is above 50 and is indicative of an underlying bullish momentum(blue rectangle). The longer that the indicator stays above the 50 level, the greater the chance that the overhead resistance will be overcome. If gold does overcome this level it is likely because capital is moving into safe-havens.

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