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The gold market has consistently proven to be a challenging terrain, especially amidst the backdrop of heightened volatility.
Throughout this week's trading, the price of an ounce of gold is subjected to selling operations that pushed it towards the $1914 support level, the closest to testing the $1900 psychological support, which confirms the bears' control over the trend.
The strength of the US dollar still negatively affects the performance of the gold price, which retreated as a result to the support level of $1922 an ounce, before settling around the $1930 level at the time of writing the analysis.
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The gold market often proves to be challenging, especially when volatility takes center stage, as observed during Tuesday's active trading session.
At the beginning of this week's trading, gold price tried to rebound to the upside, but its gains did not exceed the level of 1947 dollars an ounce, and quickly returned to its downward correction path, settling around the support level of 1932 dollars an ounce, at the time of writing the analysis.
Gold markets exhibited choppy behavior during Monday's trading session, with prices hovering around the crucial 50-Day Exponential Moving Average.
By the end of last week's trading, gold futures recorded tepid gains, recording a modest weekly increase.
Gold markets experienced a slight downturn during Friday's trading session as they rebounded from the bottom of the bullish flag pattern that has been around for some time.
The USD/JPY made an initial attempt at a rally during Thursday's trading session, but later reversed course and approached the ¥142.50 level.
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During Thursday's trading session, the gold markets exhibited a state of anticipation, marked by significant noise and uncertainty as traders anxiously await the release of the jobs report on Friday.
The continuation of the gains of the US dollar brings more losses to the gold price, which affected the support level of $1931 an ounce, at the time of writing, which is the lowest price in three weeks.
During Wednesday's trading session, the gold markets exhibited a back-and-forth movement, displaying a lot of noisy behavior.
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Sign up to get the latest market updates and free signals directly to your inbox.The continued strength of the US dollar ahead of an important event this week increased the bearish pressure on the gold price.
The gold market experienced a slight pullback during Tuesday's trading session, demonstrating turbulent behavior.
At the beginning of this week's trading, gold futures contracts for December exceeded the $2,000 mark an ounce, as investors expect the Federal Reserve and other global central banks to turn to a dovish stance towards slowing inflation.