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Gold Technical Analysis: Grappling with 50-hour MA, stuck in falling channel on 1H

Gold is struggling to extend the recovery from the session low of $1,554.80 to levels above the 50-hour moving average (MA) at $1,561. At press time, the yellow metal is trading at $1,559 per Oz, representing a 0.40% drop on the day, having hit a 6.5-year high of $1,588 on Monday. 

The pullback has taken the shape of a falling channel, as seen in the hourly chart. A breakout would imply an end of the pullback and open the doors for a re-test of $1,588. A breakout looks likely as the hourly chart MACD has diverged in favor of the bulls by forming a higher low. 

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Gold pulls back from multi-year top to $1,563 as US-Iran wires are quiet

Gold prices extend the U-turn from mid-Monday while making rounds to $1,564 during Tuesday’s Asian session. The yellow metal seems to lack the updates on the US-Iran war-threats that earlier propelled it to the multi-year tops.

While the latest news from Washington Post (WaPo) signals that the US military can strike Iranian cultural cites and isn’t leaving Iraq, an absence of clear war threats from the Middle East is something that favors the recent risk recovery.

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