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Gold markets initially gapped higher to kick off the week, but then pulled back to fill that gap and look for buyers underneath.
The factors supporting the continuation of gold ounce’s price gains to new highs are still in place, which explains the stability of gold prices above the $1800 psychological resistance, which is near its highest level in nine years.
The gold markets turned around to show signs of life again, as the Friday session ended the week with positivity.
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Gold markets fell hard during the trading session on Thursday, as we started to see a little bit of US dollar strength.
Gold prices maintained its bullish momentum with gains that are the strongest for nearly nine years.
Gold markets have rallied a bit during the trading session in the end, but it was a difficult day all around.
Renewed global geopolitical and trade tensions, along with continued concern about the renewed outbreak of the COVID-19 pandemic, were important factors in the return of gold price stability around and above $1,800 an ounce, which is an important resistance level.
Gold markets had broken significantly lower during the trading session on Tuesday, but we started to see buyers underneath the $1800 level again, which has caught a lot of attention.
After limited bearish correction attempts by gold prices at the end of the week’s trading, pushing it to $1795 an ounce, prices returned to rebound upward to $1813 an ounce at the beginning of this week’s trading, near the highest level in nine years.
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Gold remains within the highest levels of its short term range but has seen profit-taking emerge after testing new highs.
The gold market initially tried to rally during the trading session on Monday but found quite a bit of resistance above as we sold off late in the day.
There has been much talk recently about the possibility of gold price reaching the $2000 level, especially with breaking through the $1,800 psychological resistance three trading sessions ago, during which the yellow metal succeeded in testing the $1818 resistance, its highest level for nine years, before it closed the week’s trading around the $1798 an ounce.
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Gold markets have initially tried to rally during the trading session on Friday, but then pulled back a bit to show signs of exhaustion.
The gold market has pulled back a bit during the trading session on Thursday as we reached towards the $1800 level.
As expected, gold prices continued to achieve gains and have reached to $1797 an ounce, the highest level for in nine years, and is now closer than ever to the psychological resistance of $1,800 an ounce.