Gold Prices Lose the 200-Day MA Support

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The precious metal is extending losses as the 200-day moving average gives way.

Price action is, however, showing signs of a rebound near the current five-month low.

The Stochastics oscillator is also showing signs of a bullish divergence.

This could mean that gold prices will continue to retrace in the short term.

We expect the 1817.80 level to remain in play. A retest of this level as resistance will confirm the downside in the precious metal.

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