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Investors' abandonment of safe havens and the recovery of the USD pushed the gold price to decline sharply at the beginning of this week’s trading.
Gold markets have broken down below the recent support at the $1850 level, an area that has been relatively reliable as of late.
Gold prices rose to $1880 an ounce by the end of last week's trading, despite the uncertainty about the rapid financial stimulus in the United States amid rising COVID-19 infections and despite the stronger dollar.
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Gold markets rallied slightly during the trading session on Friday, as we continue to see a sideways grind in general.
Gold markets have fallen again during the trading session on Thursday to reach down towards the $1850 level.
For the third day in a row, and despite the USD drop, the gold price fell to $1858 an ounce at the time of this writing.
Gold markets have pulled back a bit during the trading session on Wednesday, reaching down towards the $1850 level.
For seven trading sessions in a row, gold prices have been moving within very narrow ranges, at the support level between $1856 and $1900 an ounce and stabilizing around $1882 at the time of writing.
Gold markets continue to grind sideways overall during the trading session on Tuesday, only to see a slight dip lower at the end of the day.
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For a short time, gold prices tested the psychological resistance at $1900 at the beginning of this week's trading, before it quickly fell to the support at $1865 an ounce again.
Gold markets fluctuated during the course of the trading session on Tuesday, as we bounce around just below the 50-day EMA.
The gold performance was disappointing during last week's trading as the sales increased strongly.
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Gold markets rallied during the trading session on Friday, breaking above the highs of the previous three sessions from the week.
Gold markets rallied just a bit during the trading session on Thursday as we continue to see the market grind sideways just above the $1850 level.
Stalled gains in the US dollar and global stock markets contributed to the rebound in gold price from its lowest levels in five weeks at $1851 an ounce to $1890 an ounce.