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Gold Price Analysis: Consolidating in a pennant pattern

FXStreet - Gold has largely been in a consolidation mode since Monday's early Asian session and is currently sidelined near $1,580.

The hourly chart shows the yellow metal is trapped in a pennant pattern. A bullish breakout would imply a continuation of the rally from the Jan. 24 low of $1,556 and would open the doors to re-test of the 2019 high of $1,611.

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Global turmoil to be good for gold: Reuters poll
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Global turmoil to be good for gold: Reuters poll
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