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Gold edges lower again

Earlier this morning, the overhang of the risk averse news emanating from the Middle East over the weekend helped to push gold higher during the Asian session, rising from a low at $2,019.33, to above $2,030. It then extended those gains slightly as the European markets reopened. That saw gold rise to a session high at $2,033.91. However, since the European stock markets reopened, the risk dynamic seems to have improved somewhat and US yields have remained relatively elevated, although off their highs right now. Those dynamics have helped to push gold back down. The metal has drifted back towards $2,025 in more recent trading. Meantime the 21 day moving average (now at 2,032.80) is falling ever closer to dropping below the 50 day moving average (now at 2,027.98) and that is a concern. However, the metal is still live to further risk off developments from the Middle East, if and when they might arise. Gold is currently trading at $2,027.85

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