Gold Price Technical Analysis: Consolidates in a range above 100-hour SMA

London (July 23)  The precious metal continued with its range-bound price action through the mid-European session, albeit has managed to hold its neck above 100-period SMA.

 •  With technical indicators on the 1-hourly chart holding comfortably in positive territory, a follow-through up-move beyond 200-period SMA now seems to pave the way for an additional near-term recovery move.

 •  However, easing USD bearish pressure could turn out to be the only factor capping any meaningful up-move for the dollar-denominated commodity.

FXstreet

 

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