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Gold prices showed a modest rise in recent intraday trading as the market attempts to recover some of its previous losses. Despite this, the bearish corrective trend remains dominant in the short term, following the breakdown of a key bullish trendline. The price is attempting to alleviate its oversold conditions, as indicated by the Relative Strength Index (RSI), with the emergence of some early positive signals.
However, any relief from oversold conditions is likely to be temporary. The persistent negative pressure from trading below the 50-period Exponential Moving Average (EMA50) suggests that further losses could be on the horizon if the bearish momentum continues.
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