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In my daily gold analysis, I cannot help but notice that we are struggling a bit to go higher.
Gold prices retreated below $2,370 an ounce at the start of trading this week after rising by more than 1% in the previous session to reach the six-week high of $2,393 an ounce.
I have seen quite a bit of negative pressure, but I also recognize that there's a lot of support underneath.
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At the end of last week's trading, gold prices jumped to a six-week high after US employment data indicated a gradual slowdown in the labor market, reinforcing expectations of interest rate cuts in the coming months.
Gold rallied rather significantly during the trading session on Friday again, as it looks like we are trying to get to the $2,400 level.
Gold prices rose to $2365 an ounce during yesterday's trading session, hovering near their highest level in a month.
I see that we are threatening a major break out
A pause in the dollar's advance allowed gold prices to rebound, reaching a high of $2344 an ounce at the time of writing, the highest in two weeks.
At the start of trading this week, gold prices jumped towards the $2,338 resistance level before stabilizing around $2,332 per ounce at the time of writing this analysis.
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Gold looks like it is trying to build some type of base for a move higher.
Gold prices are hovering around the $2325 per ounce level as investors continue to assess the latest US inflation data.
In today’s gold analysis, we can see that there is a certain amount of support underneath.
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Sign up to get the latest market updates and free signals directly to your inbox.The gold market rallied quite significantly during the early hours on Thursday, as we continue to demand quite a bit of support of the $2300 level.
Gold prices continue to slide as the strength of the US dollar and weak sentiment weigh on the precious metal.
The weakness of the strength factors and the continued gains of the US dollar contributed to the selling of gold.