DailyForex analysts monitor the gold market regularly to bring you gold price predictions and gold market forecasts that can help you find the best positions in the gold market.
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Gold prices had risen 12% since the beginning of the year and were up nearly 18% over the past 12 months.
Gold futures plunged at the end of the first trading week of June, supported by a hotter-than-expected U.S. jobs report that pushed up U.S. Treasury yields and the U.S. dollar.
Gold has gotten absolutely pummeled on Friday after the jobs report came out hotter than anticipated.
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Gold prices have returned to the $2355 resistance level despite a steady US dollar ahead of the May US jobs report due later this week.
Gold markets rallied a bit during the early hours on Wednesday.
Gold futures fell as financial markets digested the latest jobs data and witnessed a rebound in the US dollar.
Gold prices hovered around $2,352 an ounce during Tuesday's trading, after posting gains in the previous session supported by growing expectations of monetary policy easing by major global central banks.
Gold futures were little changed to end the shortened trading week due to the US holiday, as financial markets seemingly ignored the latest US inflation report.
Gold has been under selling pressure for the past two days, falling near $2323 an ounce today, Thursday, continuing its decline amid rising US Treasury yields and demand for the US dollar driven by hawkish comments from Fed officials.
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Gold prices dipped on Wednesday from yesterday's highs near $2,365 an ounce.
For the third day in a row, the price of gold is trying to rebound higher, but its gains stopped at the resistance level of $2,358 per ounce, before settling around the level of $2,352 per ounce at the time of writing the analysis.
Gold prices have been under selling pressure since mid-last week, falling below the $2,326 support level and settling around $2,336 per ounce at the time of writing.
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Sign up to get the latest market updates and free signals directly to your inbox.Gold rallied slightly during the trading session on Friday, but I think what's more important here is that it stabilized.
Gold futures fell in the middle of trading this week after some Federal Reserve officials indicated that the central bank could raise interest rates if economic data requires further tightening.
Gold and silver futures continued their record gains this week, supported by expectations of Federal Reserve policy and strong investor and retail demand.