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The gold market has displayed a certain ambivalence over the past few weeks, with fluctuations keeping traders on their toes.
The XAU/USD was subjected to selling pressure, stabilizing around the support level of $1,977 per ounce at the time of writing the analysis.
At the end of last week's trading, gold futures rose to close a volatile week that saw the Federal Reserve meeting and the US jobs report for October.
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The gold market showcased a robust rally in Friday's trading session, adding to the ongoing display of volatility and turbulence.
The gold market displayed a notable rally during Thursday's trading session, creating excitement among traders as it approached the coveted $2000 level.
The gold price tested the resistance level of $2,009 per ounce, the highest level in five months, before retreating to $1,970.
The gold market had a somewhat turbulent start during Wednesday's trading session, initially experiencing a bit of a decline.
Since the start of trading this week, the price of gold XAU/USD has maintained the psychological resistance of $2,000 per ounce.
The gold market displayed minimal movement in the early hours of Tuesday, as it continued to test the critical $2000 level for potential support.
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The price of gold rose towards the resistance level of $2010 per ounce, its highest level in five months, and stabilizes around the level of $1993 per ounce.
Gold futures prices rose above the psychological resistance level of $2,000 per ounce, affected by fear trading after the escalation of the war in Israel.
During the trading session on Friday, gold exhibited a rather tepid performance, maintaining its position around the pivotal $2000 mark.
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Sign up to get the latest market updates and free signals directly to your inbox.The recent surge in gold prices has not gone unnoticed.
The price of gold XAU/USD continued its upward path with gains reaching the resistance level of 1990 dollars.
In Wednesday's trading session, gold markets witnessed a modest rally, reflecting the ongoing indecisiveness that has characterized recent price action.