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Gold markets have had a strong week or so, but as we are just above the $1500 level, it’s likely that we are going to pull back a bit as the market tries to come to grips with the idea of being above that level.
Gold markets pulled back a bit during the trading session on Thursday, testing the $1500 region before bouncing later in the day.
Going back to my recent technical analysis, I pointed out that gold's gains will persist and last longer.
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Gold markets have exploded to the upside during trading on Wednesday, as central banks continue to cut interest rates.
I mentioned in my latest technical analysis that the price of gold may head towards the 1500 psychological peak if it succeeds in testing the resistance 1462 and 1475 levels, and the 1490 resistance has already been reached.
The Gold markets initially gapped higher to kick off the trading session on Tuesday after the Americans named the Chinese “currency manipulators”, while the futures markets were closed.
For four straight trading sessions, the gold price recorded stronger gains, testing the $1,470 resistance level of in morning trades on Tuesday, despite recent gains in the US dollar.
Gold markets rallied significantly on Monday to send the market higher, reaching towards the $1480 level before pulling back a bit.
Gold prices started the week with a stronger bullish momentum, reaching resistance at $ 1456, the highest price for six years, as global geopolitical and trade concerns intensify, often supporting investors buying safe heaven assets, notably gold.
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Gold markets gapped higher to kick off the trading session on Friday, dipped a bit to try to fill that gap, and then shot straight up in the air.
Gold markets exploded to the upside after initially pulling back on Thursday due to Donald Trump tweeting yet again.
Stronger gains for the US dollar after the Federal Reserve announced its monetary policy supported stronger losses of gold, pushing it to $1404 support level an ounce
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Sign up to get the latest market updates and free signals directly to your inbox.Gold markets fell rather hard after the interest rate announcement and even leading into it on Wednesday but have found support at a crucial level underneath.
For four consecutive trading sessions, gold prices are moving in a bullish correction from the support level of $1413/ounce, gaining to resistance of $1433/ounce, and is stable around there at the time of writing.
Gold markets gapped a bit higher to kick off the trading session on Tuesday, as we await the Federal Reserve interest rate decision.