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Gold – Slide to 50-DMA likely

FX:XAUUSD   Gold/U.S. Dollar
Gold’s breach of daily rising trend line coupled with a bearish move in the daily macd and daily RSI suggests prices could make a move lower towards 50-DMA level of $1312/Oz.

August is seasonally a strong month for the US dollar             , which further adds credence to the bearish development on gold’s chart.

On the higher side, only a day end close back above rising trend line would signal bearish invalidation.
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