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The gold market has fallen again during the trading session on Wednesday, as we continue to see a lot of pressure in this market.
Gold futures XAU/USD recorded modest gains yesterday after the US inflation data for January.
Gold markets have been back and forth during the trading session on Tuesday, as we are trying to figure out what to do with it.
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The price of gold continued in the downward correction with losses extended to the support level of $1850 per ounce, the lowest price for more than a month.
Gold markets have fallen a bit on Monday, as we continue to see the 50-Day EMA come into the picture and offers certain amount of interest.
At the end of last week's trading, gold futures XAU/USD fell to the level of $1853 per ounce, the lowest price in more than a month.
Gold markets and try to rally during the trading session on Thursday but struggled again as we continue to see a lot of resistance above the $1880 level.
For three trading sessions in a row, the price of gold XAU/USD is trying to compensate for its recent sharp losses
Gold has incrementally climbed from its lows displayed this past Friday and this Monday as choppy trading suggests support may be durable.
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Gold markets have initially tried to rally on Wednesday but gave back gains yet again as we continue to see the $1880 level offer resistance.
After Jerome Powell's statements, which calmed the pace of the US dollar's gains, the gold futures XAU/USD achieved lukewarm gains reaching the level of $1884 per ounce.
Gold markets initially tried to rally during the trading session on Tuesday but gave back gains as we continue to see plenty of resistance near the $1880 level.
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For three trading sessions in a row, the gold price was exposed to strong selling operations that affected the support level at 1862 dollars an ounce, the lowest price in a month, a rebound from the resistance level of 1959 dollars an ounce, the highest price in nine months.
At the end of last week's trading and amid the strong and sudden rise in the price of the US dollar following the announcement of stronger than expected figures for US jobs
The Thursday session was very negative for gold, as it lost 1.65% by the time New York started to close for business.