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The decline of the US dollar and renewed fears of increasing COVID infections contributed to moving the price of gold to the $1797 resistance level, closing in on the psychological peak of $1800.
The gold market rallied a bit during the trading session on Wednesday to pierce the 200-day EMA, but did pull back just a bit towards the end of the session.
After profit-taking helped bring down the price of gold to the level of $1763, and amid pressures on the dollar, the price of gold bounced higher today to the $1788 resistance.
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Gold markets initially pulled back a bit during the trading session on Tuesday, but it looks as if the 50-day EMA is going to continue to offer some support.
After a strong bullish moves last week, the price of gold has returned to the support level of $1765 as of this writing.
Gold markets rallied again during the trading session on Monday, but then turned around to form a less-than-enthusiastic-looking candlestick.
The price of gold declined at the end of last week’s trading from its 7-week high at about $1785 to trade at $1775, where it settled at the beginning of this week’s trading.
The gold markets rallied a bit during the trading session on Friday as we reached towards the $1780 level.
Gold markets have broken significantly to the upside during the trading session on Thursday to break above the 50 day EMA and clear the $1750 level.
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Attempts to correct the bullish price of gold are still weak despite the decline of the US dollar.
Gold market traders continue to get thrown around back and forth as the markets really have nowhere to be.
The decline of the US dollar and in US bond yields contributed to gold's gains that reached the $1749 resistance level and stabilized around $1745 at the beginning of trading on Wednesday.
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At this point, the market looks as if it is trying to decide whether or not the $1750 level is a potential barrier, or if it will be broken through.
Gold futures fell to the support level of $ 1723 an ounce at the time of writing the analysis, after achieving modest weekly gains.
Gold markets have broken down a bit during the trading session on Monday, as we continue to see gold get hammered longer term.