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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.
During my daily analysis of the gold market, the first thing that I notice is that we did try to rally, but we gave back those gains to show signs of hesitation.
For the third consecutive day, gold prices have been declining, with losses extending to the support level of $2590 per ounce, the lowest price in a month and a half, before stabilizing around $2600 per ounce at the time of writing this analysis.
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During my daily analysis of commodity markets, the gold market has caught my attention as it has seen such a beating.
Gold has fallen pretty significantly during the course of the trading session on Tuesday as we are now flirting with the $2,600 support level.
The ongoing strength of the US dollar is negatively impacting gold prices, which are now approaching the crucial support level of $2600 per ounce for the bears.
During my daily analysis of commodity markets, the gold market has caught my attention as it has seen such a beating.
Gold's attempts to rebound at the end of the US presidential election week trading failed, as its gains did not exceed the resistance level of $2710 per ounce.
The gold market pulled back slightly during the trading session on Friday, and as I look around at the commodity markets, it does make a certain amount of sense that we have seen a lot of noisy behavior.
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Gold price plunged below $2,655 per ounce on Wednesday, retreating from a 30-October record high of $2,758 per ounce.
During my analysis of the commodity markets, the gold market has stood out as we have seen this market plunge quite drastically.
As the US election approaches, precious metals prices are witnessing upward momentum, driven by investor uncertainty and anticipation of market volatility.
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Sign up to get the latest market updates and free signals directly to your inbox.During my daily analysis of the commodity markets, the first thing that comes to my attention is the fact that gold markets are consolidating a bit in order to show signs of hesitation.
Gold has surged by around 33% since the start of the year, hitting multiple record highs in recent months.
Gold initially rallied during the trading session on Friday as the jobs numbers came out at adding just 12,000 for the previous month in the United States.