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Gold lower; tests key trendline

From xm.com

{video}Gold prices are fighting with the short-term uptrend line, which has been drawn since mid-November, and the 38.2% Fibonacci retracement level of the upward wave from 1,810 to 2,145 at 2,016. Also, the market is failing to surpass above the 20- and the 50-day simple moving averages (SMAs), indicating weak momentum. The MACD oscillator is moving lower beneath its trigger line and near the zero level, while the RSI is pointing south after the pullback off the 50 zone. Should the bulls thirst for more upside moves, they would try to overcome the short-term SMAs and then test the resistance set by the 23.6% ... (full story)

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  • Category: Technical Analysis