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Gold remains stuck in consolidation and has been trending sideways for the five days. Consolidation is occurring just below resistance represented by the purple 20-Day MA, currently at 2,330, and the 38.2% Fibonacci retracement at 2,322. The 38.2% price zone previously represented support and now resistance. Further, gold remains under a bear flag that ...
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Up until a couple of weeks ago, the gold price was on a mighty tear in 2024, extending a rally that started in early October. There are several plausible theories for gold’s >30% gain since then, including central bank buying due to de-dollarisation, slower than expected disinflation, and rising tensions in the Middle East. chart Whatever the reason, ...