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Gold stands above 2,300
Gold prices are holding near the 50-period simple moving average (SMA) and the mid-level of the Bollinger band, trading within a sideways channel of 2,277-2,332 in the 4-hour chart. According to technical oscillators, the MACD is losing momentum beneath its trigger line in the positive territory, while the RSI is ticking down, meeting the neutral threshold of 50. Both reflect the weakening momentum in the price. Upside moves are likely to find resistance at the upper Bollinger band at 2,332. There is also an important resistance level around 2,362, taken from the inside swing low of April 16 ahead of the 2,400 ... (full story)