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Monday's trading session in the gold market was relatively quiet, but it revealed the metal's resilience and its potential for a continued upward trend in the long term.
Despite the strength of the US dollar after investors and markets absorbed the update of monetary policy decisions of the US Federal Reserve last week, in addition to a package of influential US economic releases.
The gold market witnessed a notable rally during Friday's trading session, indicating a continued upward trend over the longer term.
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During the latest trading session on Thursday, the gold market found itself grappling with the impact of key decisions from both the Federal Reserve and the European Central Bank.
The US dollar was negatively affected by yesterday's announcement by the US Federal Reserve, which helped the gold price to rebound upward towards the $1982 resistance level.
During Wednesday's trading session, gold markets experienced a modest rally, driven by market anticipation of the upcoming Federal Reserve statement
The US dollar’s gains stopped before announcing the US Federal Reserve’s policy decisions later today, which allowed the gold price to rebound upwards, with gains that affected the $1971 resistance level, which is stable near it at the time of writing the analysis.
In the Tuesday trading session, the gold markets showed little movement, hovering around the 50-Day Exponential Moving Average.
At the beginning of this week's trading, gold futures declined, as investors kept their eyes on the US monetary policy meeting this week.
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The gold market recently experienced a temporary retreat following a period of bullish pressure, prompting investors to closely examine the recent momentum.
Gold losses reached the support level of 1956 dollars an ounce, before prices stabilized around the level of 1965 dollars an ounce, at the time of writing the analysis.
The gold market has recently encountered a momentary retreat after a period of bullish pressure, prompting investors to carefully assess the market's recent momentum.
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Gold markets witnessed a slight pullback on Thursday, taking a breather after a period of bullish pressure.
Gold futures settled at their highest levels in about six weeks, driven by expectations that the US Federal Reserve is close to ending the cycle of quantitative tightening.
Gold markets experienced a slight pullback during Wednesday's trading session, as the market took a breather after a period of bullish pressure.