Gold Investors Surrender to Charts Showing Rally Losing Steam
- Traders ‘threw in the towel’ as prices lost momentum: Evans
- Metal fails to break above three-week high reached on Aug. 2
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As far as technical indicators go, the gold rally is losing steam -- and the market is finally taking notice.
Gold futures posted the first back-to-back weekly losses for a most-active contract in more than two months after prices failed to break above the three-week high reached on Aug. 2. Futures ended lower on Friday, even after prices shot up following the release of disappointing U.S. government data that weakened the case for the Federal Reserve to raise interest rates.