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Gold rises on renewed Fed-cut bets, crude oil falters at resistance
With gold now having risen for a fourth consecutive day, it has allowed a nice bullish trend has develop on the 1-hour chart. The recent leg higher was accompanied with rising volume, which diminished as prices retraced. Prices are now trying to build support around the 10-day EMA and prior highs / double top around $2024 and RSI (2) is oversold, so perhaps a inflection point is near. Also note that RSI 14 is holding above 50, which backs up momentum of the overall trend. Bulls could seek dips with a view to target the $2036 to $2040 region, near the weekly R1 pivot and monthly pivot point. A weaker US dollar and ... (full story)