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For the second consecutive day, XAU/USD gold price is trying to rebound to the upside to avoid further collapse, as its gains did not exceed $1833 an ounce.
On Tuesday, the gold market experienced a decline, reaching the 200-Day EMA, an indicator that many traders pay close attention to.
The bears tried to push the XAU/USD gold price towards and below the psychological support level of $1800 an ounce at the end of last week's trading and the beginning of this week's trading.
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Gold markets experienced a significant drop during the trading session on Monday, before turning around as it reached the 200-Day EMA.
XAU/USD gold futures extended losses at the end of the shortened trading week.
Over the past few days, gold markets have experienced a considerable amount of negativity, with Friday's trading session being no exception.
During Thursday's trading session, gold markets showed a lot of choppy behavior, which is consistent with the ongoing volatility in most financial markets.
Since the start of this week's trading, the gold price has been trying hard to breach the $1850 resistance level to avoid a further collapse.
Gold markets have done very little during the trading session on Wednesday as we continue to hang around the 38.2% Fibonacci level.
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On Tuesday, the gold market fluctuated back and forth around the 38.2% Fibonacci level.
Amid a temporary halt to the gains of the US dollar, the gold (XAU/USD) price gained a positive momentum to rebound to the upside, stable around the level of $1847 an ounce.
During Monday's trading session, gold markets saw a lot of noisy behavior.
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Sign up to get the latest market updates and free signals directly to your inbox.Gold futures ended the last trading week above $1,850 an ounce, but prices fell for the third consecutive week as the market prepares for an additional hike in US interest rates.
Gold markets initially fell on Friday, but then turned around to show signs of life again as the 38.2% Fibonacci level has offered support.
The continued strength of the US dollar was sufficient for further downward pressure on gold prices, XAU/USD, with losses towards the support level at $1830 an ounce.