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Gold stuck in range, downside risks rise
Gold experienced a pullback after peaking at the all-time high of 2,079 in early May, falling beneath its 2,000 psychological mark and the 50-day simple moving average (SMA). Although bullion has been stuck within a tight range for the past month, the formation of a structure of lower highs is hinting at a deteriorating technical picture. The momentum indicators currently suggest that near-term risks are tilted to the downside. Specifically, the stochastic oscillator is set to post a bearish cross, while the RSI has flatlined beneath its 50-neutral mark. Should the bearish near-term structure extend, the price could ... (full story)