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Gold challenging the 50-day SMA
The rally goes on for gold, helped by a weaker US dollar. Having pushed through $1246, the price is now challenging the 50-day simple moving average (SMA) at $1249.60. A move above here would target $1264 and the trendline off the July 2016 high.
It needs a move back below the 200-day SMA at $1229 to reverse the bullish outlook.