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Gold in the balance
Depending on your view, gold is either about to surge, or it is going to break down. The somnolent range of the past five sessions is the clearest sign of the battle going on between the buyers and sellers. So far, the 200-day simple moving average (SMA), currently $1263, continues to hold back gains, but dips to $1250 keep being bought.
The relative strength index (RSI) continues to clamber upwards, but for now, the range remains intact. Both sides must be aware that a break of the range will probably result in high volatility, with a drop to $1200 possible if the sellers gain control, while a rally to $1300 cannot be ruled out should the bulls take the lead.