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The return of the US Central Bank’s emphasis on the future of raising interest rates, despite its recent decision to maintain US interest rates, helped the US dollar achieve its gains.
Gold markets opened on a bullish note on Wednesday, indicating a potential upward trend.
As is the case with other markets and trading products, the gold price has been moving in very narrow ranges since the start of trading this week in light of the American holiday.
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Gold markets showcased limited activity during Tuesday's trading session, which coincided with Independence Day in the United States.
The gold market experienced a temporary decline during Monday's trading session, only to find significant support around the $1915 region, leading to a notable rebound.
The US dollar recently recovered with positive momentum from expectations of raising US interest rates, causing downward pressure on gold, which retreated to the $1893 support level last Thursday.
Gold, renowned for its volatility and status as a symbol of wealth preservation, experienced a significant decline in Friday's trading session.
Gold experienced a significant decline during Thursday's trading session but found support at the 200-Day Exponential Moving Average (EMA).
Throughout this week's trading, the XAU/USD gold price is in a downward correction path, as a result of which it pushed towards the support level of $1902 an ounce.
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The gold market experienced a back-and-forth trading session on Wednesday, demonstrating intermittent strength within a limited range.
The recent upward rebound attempts of XAU/USD gold price failed, as its gains did not exceed the resistance level of $1937 an ounce.
On Tuesday, the gold market experienced a back-and-forth trading session, displaying signs of strength within a narrow range.
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Sign up to get the latest market updates and free signals directly to your inbox.At the beginning of trading this week the rally in gold futures faded as the political turmoil in Russia ostensibly abated.
The gold market has displayed signs of stability recently, with prices hovering above the 61.8% Fibonacci level.
With the return of the strength of the US dollar, the markets confirmed that the US Federal Reserve is determined to continue raising US interest despite its halt at the last meeting