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Gold glides lower; has the summer lull taken over?
Gold is trading lower today, a tad below its 50-day simple moving average (SMA). Gold has actually been on a downward path since the May 4, 2023 high of 2,079 with the bears most likely trying to achieve a new low, below the June 29, 2023 trough of 1,893, and hence continue the recent bearish series of lower lows and lower highs. The momentum indicators are still mostly on the bears’ side. The RSI is hovering below its midpoint again, and the stochastic oscillator is aggressively moving lower, building a good gap from its moving average. The stochastic appears determined to reach its oversold territory, where it ... (full story)