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The continuous decline in the price of the US dollar throughout last week’s trading was a catalyst for the XAU/USD gold bulls to move towards the psychological resistance level of $1800 an ounce.
Gold markets have rallied a bit during the session on Thursday as we continue to see markets move toward the crucial $1800 level.
During yesterday's limited trading, XAU/USD gold prices rose slightly, reaching the resistance level of $1787 an ounce.
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Even though it was a green candlestick for the day, the reality is that the market in gold did not recover from the Sell from the previous day.
I have often indicated in the technical analysis of the XAU/USD gold price that the recent bullish rebound gains are sufficient to push the technical indicators towards overbought levels.
Gold markets initially tried to break above the $1800 level, but then got absolutely hammered during the trading session on Monday.
The strong decline in the price of the US dollar allowed the XAU/USD gold price to make a strong upward rebound with gains towards the resistance level of $1804 an ounce
The upward rebound in the price of gold stopped amid the recovery of the US dollar, but XAU/USD gold tries to hold on.
The gold markets initially tried to rally during the trading session on Wednesday, to break above the 200-Day EMA, but just as we have seen multiple times this last week or so, there has been selling pressure.
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XAU/USD gold prices failed to achieve more than the resistance level of 1759 dollars an ounce during yesterday's trading, as the US dollar recovered against everyone.
Gold Markets have pulled back significantly from the 200-Day EMA, which is near the $1760 level.
Despite the decline in the price of the US dollar during the past week, the gains of the bullish retracement of the gold price (XAU/USD) did not exceed the level of 1761 dollars per ounce.
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The XAU/USD currency pair goes back and forth on Friday to show signs of hesitation yet again, as we are hanging around the 200-Day EMA.
Gold markets rallied a bit during the trading session on Thursday, but you need to keep in mind that it was Thanksgiving.
The US dollar's gains stopped, allowing the price of gold to rebound to the upside, reaching the level of $1754 an ounce.