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The recent sales of the yellow metal price succeeded in breaking the upward trend of the gold price during last week’s trading.
Gold markets dropped a bit during the trading session on Friday again, finding the $1850 level as support yet again.
The last couple of weeks have been difficult for gold bulls, as the gold markets have sliced through the $1900 level.
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Gold markets have initially fallen during the trading session but turned around quite nicely later in the day on Thursday as the US dollar got sold off in late New York trading
The strength of the US dollar contributed to the collapse of the gold price to $1849 at the beginning of the today’s trading session, to its lowest level in two months
Gold markets have broken through support, reaching towards the $1866 by the time the open outcry session ended.
The bearish momentum for the gold price is still the strongest in light of the strong buying operations of the US dollar, which moves inversely with the path of gold prices.
Gold markets fell again during the trading session on Tuesday but seem to be finding a bit of interest near the $1900 level.
The recent sharp gains in the US currency were a good reason for gold price collapse to the $1883 an ounce during Monday's trading, which is the lowest price for the yellow metal in two months.
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The gold markets broke down a bit during the trading session on Monday, reaching below the $1900 level.
Gold markets went back and forth during the trading session on Friday again, as we simply drift sideways in general.
Gold markets fell hard during the trading session on Thursday, reaching down towards the uptrend line from the symmetric triangle that I have plotted on the chart.
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Sign up to get the latest market updates and free signals directly to your inbox.The US currency received support from the US Federal Reserve’s announcement of its monetary policy yesterday, despite its indication that US interest rates should be maintained
Gold markets have rallied again during the trading session on Wednesday but gave back the gains at the same downtrend line that makes up the triangle that I have drawn on the chart.
For five trading sessions in a row, gold prices witnessed an upward movement with gains that pushed to $1973 an ounce, its highest level in two weeks.