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Gold – Stuck at 5-DMA

TVC:GOLD   GOLD (US$/OZ)
Despite the bullish price RSI divergence on Tuesday the subsequent failure to take out the 5-DMA suggests the sideways action is likely to continue for some time before buyers make their presence felt.

Fresh selling is likely to see only if prices see a daily close below Monday’s low of $1211.41.

Overall, the sideways action is likely to continue ahead of tomorrow’s US CPI             release.
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