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Gold tests nearby support; outlook discouraging
Gold is repeating yesterday’s test of the descending line at 1,926, which helped the price stay afloat above the three-month low of 1,934. Sentiment remains poor in the four-hour chart. The RSI is hovering around its 30 oversold mark, increasing speculation that the price could change direction to the upside soon, but the downturn in the stochastic oscillator and the falling MACD are reducing the odds for a proper rebound as the price deviates below its simple moving averages (SMAs). If the precious metal closes below the trendline and stretches beneath the 1,918 low, the decline could initially stall around the ... (full story)