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Gold Price Forecast: Bounces Off Key Support at 50-Day Moving Average
video Gold fell to a new pullback low of 2,322 where it found support and bounced. That low completed a successful test of support at the 50-Day MA (2,324), as price was rejected to the upside. Also, notice that today’s high of 2,352 provided another test of resistance just below the purple 20-Day MA on the chart. The 50-Day line is a key intermediate trend indicator. chart First Test of Support at 50-Day Line: Today was the first test of support at the line since gold broke out above it on February 29. That was the beginning of the sharp rally that peaked last week at a new record high of 2,450. It should ... (full story)