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Bespoke and HSBC analysts warn that gold is technically overbought after an approximately 8% gain in August, and a less-than-dovish US July CPI data tonight could trigger profit-taking.
Bespoke Investment Group pointed out that gold prices closed above one standard deviation from their 50-day moving average for the first time since March 10, entering overbought territory. Historical data shows that gold prices on average decline after such signals. James Steel, Chief Precious Metals Analyst at HSBC, stated in an August 11 report that gold's upward trend structure remains intact, but $4500/ounce constitutes strong resistance, and the market may need to consolidate. HSBC US Economist Ryan Wang expects July core CPI year-over-year growth to slightly decline from 2.6% to 2.5%.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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