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By the end of last week's trading, gains in the price of gold (XAU/USD) were negatively impacted by stronger-than-expected U.S. job figures, which could support the tightening of the U.S. central bank's policy.
Natural gas witnessed a decline on Friday as it neared the 200-day Exponential Moving Average, a technical indicator known for its potential to generate market turbulence.
Gold experienced a slight decline in response to the moderately stronger-than-expected jobs report from the United States, a reaction closely tied to movements in interest rates.
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The gold market appeared relatively subdued during the early hours of Thursday, reflecting uncertainty about the level of support available to sustain its stability.
The rise in the US dollar since the start of trading in 2024 helped to push gold prices down by more than 1% yesterday.
Gold initially attempted to rally but retraced its gains during Wednesday's early hours, facing several short-term challenges.
Gold made an initial attempt to rally on Tuesday.
With the start of trading in 2024, gold futures XAU/USD struggled to establish a direction, with the price of the yellow metal oscillating between positive and negative territory throughout the trading session.
The continued pressure on the US dollar due to expectations that the US Federal Reserve will cut interest rates in 2024 is helping bulls maintain the recent record-breaking pace of gains.
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Looking at the gold market, we have seen choppy performance on Friday, which aligns with the typical behavior expected on the last trading day of the year.
The gold market displayed an initial attempt at a rally during Thursday's trading session but subsequently retreated, indicating a degree of caution as it approached the $2,075 level.
Despite the holidays, weak liquidity, and the absence of major economic releases, the price of gold (XAU/USD) remained on an upward momentum with gains extending to the resistance level of $2,088 per ounce, close to the record high of $2,135 per ounce set by the yellow metal.
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During the Wednesday session, gold has been choppy.
As trading begins in the final week of 2023, the price of gold XAU/USD is on the rise as traders look to potential US interest rate cuts from the Federal Reserve in 2024, which has weakened the US dollar.
The gold market experienced a modest rally during Tuesday's trading session, underscoring the persistent bullish sentiment.