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Despite the strength of the US dollar, the price of gold is trying to stabilize above the $1872 resistance level.
Gold markets fluctuated during the trading session on Monday, initially gapping higher due to the “knock on effect”, as the well-publicized retail attempt at causing a major short squeeze in the silver market rippled through the markets.
The price of gold has begun February by settling around the $1847 level, continuing its bearish trend.
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Gold rallied significantly during the trading session on Friday to break above the 50-day EMA, but gave back those gains to show signs of weakness.
Gold markets initially tried to rally during the trading session on Thursday, but then ran into a bustle of resistance near the 50 day EMA.
The US dollar recovered after the Federal Reserve announced its monetary policy decisions, which contributed to gold's decline to the $1832 level before stabilizing around $1845 at the beginning Thursday's session.
Gold markets have plunged initially during the trading session on Wednesday as yields in the 10 year note skyrocketed.
Gold markets have been somewhat quiet during the month of January, as we have continued the slow decline since the market tried to break above the 2100 level earlier this year.
Sell-offs pushed gold towards the $1838 support level before it recovered amid cautious trading during Tuesday's session around $1855, as of this writing.
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Gold markets have been relatively quiet during the trading session as we await the FOMC results, and perhaps more importantly, the press conference that Jerome Powell will be giving afterwards.
Despite the recovery of the US dollar, gold has tried to maintain its gains around the level of $1865 since the start of this week, pending any new COVID-19 or stimulus developments.
Gold markets fluctuated during the course of the trading session on Monday to kick off the week, as we sit below the 50-day EMA still.
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Sign up to get the latest market updates and free signals directly to your inbox.For three trading sessions in a row, upward momentum pushed gold towards the $1875 resistance level, confirming a bullish outlook.
The gold markets fell during the trading session on Friday, reaching down towards the $1836 level.
Gold markets pulled back just a bit during the trading session on Thursday but still looks somewhat bullish and it certainly looks as if it is trying to build some type of base.