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For the second consecutive day, the gold price has been trying to rebound to recoup this week's losses, which reached the support level of $2604 per ounce, following the strength of the US dollar driven by Trump's trade policies.
During my daily analysis of the gold market, the first thing that I notice is that we are sitting just below the 50 Day EMA.
For the second day in a row, gold prices are subject to selling operations, stabilizing around $2,604 per ounce at the time of writing the analysis.
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Recently, gold prices recorded one of their strongest weekly gains in years. By the end of trading on last Friday's session, the gold price index jumped to the resistance level of $2715 per ounce from $2668 per ounce in the same trading session.
Gold has rallied to reach the $2,700 level late on Friday as it looks like we are trying to break out to the upside.
In my daily analysis of the gold market, it’s obvious to me that there are plenty of buyers out there that are willing to take advantage of the momentum.
Since the beginning of this week, the gold price has been on its broader upward trajectory, stabilizing around the resistance level of $2666 per ounce.
During my daily analysis of the gold market, the resiliency has become apparent. We initially did pull back during the trading session.
For three consecutive trading sessions, the gold price has been moving within an upward rebound, with gains reaching the resistance level of $2642 per ounce, the highest price in a week.
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At the beginning of this week, the price of gold ounce rose by $50 in a single trading session as the gold price rebounded from the support level of $2565 per ounce to the resistance level of $2615 per ounce in the same trading session.
During my daily analysis of the gold market, the first thing that I see is that we have had a couple of days’ worth of stabilization, and now it looks like traders are comfortable enough to start getting aggressive.
At the beginning of this week, the gold price is attempting to rebound to recoup its sharp losses from last week, which reached a support level of $2536 per ounce, the lowest for the gold price index in two months.
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Sign up to get the latest market updates and free signals directly to your inbox.Gold markets have been back and forth in a fairly quiet session on Friday as it looks like we are trying to stabilize after a significant pullback.
Gold forms a hammer after early losses Thursday, signaling potential recovery towards the 50-day EMA. Key support: $2,500; resistance remains strong.
As predicted, Trump's victory has strengthened the US dollar, leading to further losses in gold prices, which have been steadily declining and are now around the support level of $2550 per ounce at the time of writing, the lowest price in two months.