Gold – Edges lower after failing at $1,960 but is the recovery over?

From marketpulse.com

Gold has rotated lower over the last couple of days after previously recovering on the back of encouraging US inflation data. The decline in US yields that we’ve seen since the release has weighed heavily on the US dollar and given the yellow metal a real boost after having endured a pretty torrid May and June. Is the recovery sustainable? The rotation occurred around $1,960 which was the first notable test of resistance after breaking above $1,940 earlier in the week. chart It falls around the 38.2% Fibonacci retracement level – May highs to June lows – and now the focus will be on whether that prior ... (full story)