The price of gold approaches the 50-Day SMA ($1793) as it extends the series of higher highs and lows from last week, but the precious metal may mirror the price action from June if it fails to push above the moving average.
GOLD PRICE TO MIRROR JUNE ON FAILURE TO PUSH ABOVE 50-DAY SMA
The recent recovery in the price of gold looks poised to persist as US Treasury yields remain under pressure, and bullion may continue to retrace the decline from the July high ($1814) as the threat of a US recession puts pressure on the Federal Reserve to implement smaller rate hikes.
