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Gold markets have done very little over the last couple of days, and this makes quite a bit of sense considering that the Federal Reserve has a major meeting over the next couple of days that should continue the dovish attitude that we have seen recently.
For the first time in a row, gold prices have remained in limited ranges between the $1411 support level and the$ 1433 resistance, forming a consolidation zone that signals a move ahead, and that investors are preparing to start again.
Gold markets initially tried to rally during the trading session on Friday but ran into a lot of trouble at the $1425 level.
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Gold markets had a rather noisy day during the trading session on Thursday as the ECB had an interest rate decision and of course press conference following that decision.
For four consecutive trading sessions, the price of gold is settled in the range between the $1414 support and the $1430 resistance, the price settled around $1424 at the time of writing.
Gold markets have initially tried to rally during the trading session, felt towards the trendline and then bounced again.
Gold markets continue to go back and forth, and Tuesday of course was no different.
Since the beginning of this week, the price of an ounce of gold has been subjected to sales pushing it towards the level of $1414 support at the time of writing, and last week moved the price of gold to the $ 1453 level, the highest in six years.
Gold markets did very little during the trading session on Monday, as we have recently broken above significant resistance, only to find more resistance after that.
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By the end of last week, the price of an ounce of gold reached a resistance level of $ 1453, the highest level in six years, due to increasing pressure on the US dollar, which has an inverse relation with the yellow metal.
The Gold markets gapped higher to kick off the trading session on Friday but have given back all of the gains to come down and fill the gap.
Gold markets initially gapped higher to kick off the Thursday session, but then pulled back rather significantly to find buyers underneath.
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Sign up to get the latest market updates and free signals directly to your inbox.The pressure on the US dollar, with the US interest rate cut nearing for the first time in 10 years, drove the ounce of gold price to the $ 1428 resistance level early Thursday, before settling around $ 1420 at the time of writing.
The Gold markets pulled back a bit during the trading session on Wednesday, testing the crucial $1400 level.
With positive US retail sales figures, contrary to expectations of a larger decline, the gains of the US dollar increased and the price of the gold ounce was pushed