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Gold (XAU/USD) Price Forecast: Bearish Momentum Pushes Below 50-Day Average
Gold continued to weaken during Wednesday’s session, as it broke below the 50-day moving average with a sharp decline to $4,834. At the time of writing, gold continues to trade near the session lows, and the move may extend further before the close. Support is being tested at that higher swing low of $4,842, which helped define a rising bearish wedge formation. Today’s breakdown confirms a continuation of a small bear flag that followed a break of the rising wedge two weeks ago. A drop below the 50-day average is potentially significant in the near-term since it has held as dynamic support ever since it was ... (full story)
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