For three straight days now, gold has rallied within 25 basis points (bps) of its 50 day moving average. On all three days, however, the commodity has failed to trade above its 50-day before pulling back. There has been a widespread view that an Obama re-election would be positive for the price of gold, as it would be supportive of more dovish monetary policy in the years ahead. While that may ultimately be the case, for now the 50-day is standing in gold's way.
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