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For the second day in a row, the price of an ounce of gold is declining in light of the US dollar recovery, which pushed the price of the yellow metal towards $1927 ounce at the time of writing.
Gold markets broke down significantly during the trading session on Wednesday, as the US dollar has shot much higher during the trading session.
The US dollar strength contributed to the price of an ounce of gold giving up its highest level in two weeks, when it had tested the resistance $1992 level
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The gold markets initially tried to rally during the trading session on Tuesday but found the $2000 level to be a bit too resistive to continue and break out.
The US dollar index, DXY, collapsed to the 91.99 support.
Gold markets have been a bit choppy during the trading session on Monday, as we continue to see a lot of noise, but overall, this is still a very positive marketplace.
The markets believed that this decline would not last for long, as the US dollar quickly declined strongly with the market’s absorbing what Jerome Powell announced.
The gold markets rallied a bit during the trading session on Friday, as we continue to see a lot of bullish pressure in a market that continues to react to the Federal Reserve and its ultra-loose monetary policy.
Gold markets have been rather choppy during the month of August, but that should not be a surprise given a couple of different factors.
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Gold markets initially shot higher during the trading session on Thursday as traders anticipated the Jerome Powell speech and whatever reaction the markets may have to it.
In light of the USD weakness, the opportunity was better for gold and silver futures to move towards its highest closing level in a week,
The gold markets have pulled back just a bit during the trading session on Wednesday but then turned around to show signs of extreme strength.
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Sign up to get the latest market updates and free signals directly to your inbox.The US central bank does not appear to make any further expansion of its stimulus package in the short term.
The gold markets fell a bit during the trading session on Tuesday as we continue to see a lot of noisy action in the markets.
Gold markets have initially tried to rally during the trading session on Monday but gave back quite a bit of the gains as the US dollar strengthened.