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Gold bearish in short-term; remains vulnerable but immediate downside pressure eases for now
Gold has turned increasingly bearish and has shifted out of a range in which it has been trading in since early October. Prices broke below the 1270-1300 range to trade under 1250 since last Thursday. On the 4-hour time frame, there was a bearish crossover of the 50 and 200-period moving averages. RSI has dipped into bearish territory and is slowly moving out of oversold levels. Gold prices are entering a consolidation phase due to the oversold conditions. Immediate resistance is at 1250 which is currently being tested and could be quite a challenge to breach. A sustained break off this level could push prices ... (full story)
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- Hurst
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