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The gold market pulled back slightly during the trading session on Friday, and as I look around at the commodity markets, it does make a certain amount of sense that we have seen a lot of noisy behavior.
Gold price plunged below $2,655 per ounce on Wednesday, retreating from a 30-October record high of $2,758 per ounce.
During my analysis of the commodity markets, the gold market has stood out as we have seen this market plunge quite drastically.
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As the US election approaches, precious metals prices are witnessing upward momentum, driven by investor uncertainty and anticipation of market volatility.
During my daily analysis of the commodity markets, the first thing that comes to my attention is the fact that gold markets are consolidating a bit in order to show signs of hesitation.
Gold has surged by around 33% since the start of the year, hitting multiple record highs in recent months.
Gold initially rallied during the trading session on Friday as the jobs numbers came out at adding just 12,000 for the previous month in the United States.
In my daily analysis of the gold market, the first thing I see is that we are in fact starting a pullback. This does make a certain amount of sense, considering that we had gotten a little bit ahead of ourselves over the last week or so.
Oct 31, 2024. Gold Forecast and Analysis of the price of gold XAU/USD today
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During the trading session on Wednesday, I noticed that in my analysis of commodities, the gold market is starting to get back some of the gains.
Gold prices have risen sharply ahead of the US presidential election on November 5 and a series of key economic data releases due later this week.
In my daily analysis of the gold market, the first thing that I notice is that we have in fact broke above the resistance barrier in the last several days.
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Gold prices were under pressure on Monday as the US dollar and US Treasury yields rose, eroding demand for the precious metal.
Gold initially pulled back just a bit during the early hours on Monday only to turn around and show signs of life again.
At the start of this important trading week, the price of gold fell below $2,730 per ounce, pressured by a decline in the appeal of safe-haven assets after military strikes over the weekend were less severe than anticipated.