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Gold Price Technical Outlook Warns of Looming Death Cross Formation

August 3, 2021

Via: DailyFX

The price of gold appears to have reversed course following the failed attempt to test the July high ($1834), and the precious metal may continue to give back the rebound from the June low ($1751) as it initiates a fresh series of lower highs and lows.

GOLD PRICE TECHNICAL OUTLOOK WARNS OF LOOMING DEATH CROSS FORMATION

The price of gold trades back below the 50-Day SMA ($1825) as it gives back the advance following the Federal Reserve interest rate decision, and the precious metal may face a further decline ahead of the US Non-Farm Payrolls (NFP) report as a ‘death cross’ looks poised to take shape over the coming days.

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