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The continued strength of the US dollar and bond yield gains contributed to the collapse of the price of gold to the $1679 support level before stabilizing around $1685.
The gold markets have broken down a bit during the trading session on Tuesday to slice down through the $1700 level again.
Gold markets have been absolutely hammered of the last several months, and unfortunately it does not look like April was going to be much better, at least not initially.
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The continued strength of the US dollar, supported by the pace of vaccinations and stimulus plans, contributed to bearish pressure of gold prices, which reached the support level of $1704, a 2-week low.
The gold markets have fallen again during the trading session on Monday, as the yellow metal seemingly cannot get out of its own way.
In the face of factors that increase gold's gains, the US dollar strengthened, which explains the weakness of gold's attempts to rebound higher during last week’s trading.
Gold markets have done nothing over the last couple of weeks, and unfortunately, I can say the same thing for the Friday session.
Gold markets initially tried to rally on Thursday but gave back the gains later in the day to form a less than ideal candlestick.
The price of gold is trying to capitalize on the risk aversion that has been affecting global financial markets recently, but the recovery of the US dollar stopped its gains from crossing the $1745 barrier.
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Gold markets have rallied a bit during the trading session on Wednesday to show a continuation of the overall consolidation that we have been in.
Usually, the price of gold moves higher in times of uncertainty and risk-aversion, but this time the price of gold collided with the strength of the US dollar.
Gold markets have fallen a bit during the trading session on Tuesday, as we look likely to roll over and go looking towards the $1700 level again.
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Sign up to get the latest market updates and free signals directly to your inbox.The strength of the US dollar continues to negatively affect the performance of gold prices, which fell to the support level of $1727 before settling around $1737 as of this writing.
Gold markets initially fell during the course of the trading session on Monday but turned around to show signs of strength again
Despite the gains of the US dollar, the price of gold succeeded in moving towards the $1755 resistance level during last week's trading, before closing steadily around $1745.