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Gold holds bullish structure but shifts to neutral phase as uptrend stalls
Gold peaked at 1357.47 last Friday before retreating. Short-term momentum, as measured by RSI, reached overbought levels above 70 last week, with gold subsequently slipping below 1340 support today. On the 4-hour chart, RSI has dipped below 50. While this is a bearish signal, the possibility of further upside in gold cannot be ruled out yet. The stochastic fell from 80 to below 20, indicating the market is oversold now. A consolidation phase for gold is expected in the near term. In the short term, range trading is expected between 1330 and 1340. Continued weakness below the 20-period moving average could see prices ... (full story)