Gold futures have risen 8% this month, reaching their highest level since June, with a weekly gain of 7.1%, the best since January. The precious metal entered overbought territory for the first time since March 10, ending a full standard deviation above its 50-day moving average for the first time in 103 trading days. According to Bespoke Investment Group historical data, after such streaks of over 100 days without an overbought reading, gold averaged a decline of 0.22% the following week, 0.34% over one month and 0.62% over twelve months. Only 37% of these historical episodes turned out positive one year later.
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