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During my daily analysis of the gold market, I continue to look at the upward trajectory as being important, and the market pulling back to the $2600 level is being met by quite a few buyers.
Gold prices fell for the sixth consecutive session to below $2,606 per ounce on Wednesday, the lowest level in about three weeks, under pressure from the strength of the US dollar as traders bet that the US Federal Reserve will not act quickly to cut interest rates as previously thought.
During my daily analysis of the gold market, the first thing I see is that we continue to look at the $2600 level as a massive support level.
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The gold price has retreated to the support level of $2605 per ounce, its lowest in two weeks, declining for the fifth consecutive session.
The first thing I see is that we have in fact plunged.
Gold price recorded its first weekly loss after trading in the green for three consecutive weeks.
The market is likely to continue to see a lot of volatility from what I see, and at this point in time I think we’ve got a situation where traders will have to look at this through the possibility of trying to find value wherever we can.
At the beginning of this week, the price of gold retreated to below $2,642 per ounce, continuing its decline from record highs in the wake of indicators of a strong US Labor market, which reduced the likelihood of the Federal Reserve continuing to aggressively cut US interest rates.
It has become obvious that the gold market still has plenty of buyers underneath, and short-term pullbacks will more likely than not end up being a nice opportunity to get involved in what has been a very strong uptrend.
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Gold fell a bit during the early hours on Thursday as we continue to see a lot of volatility and chop overall.
Gold prices stabilized around $2,655 per ounce today, Thursday, remaining relatively close to their all-time highs as the escalating crisis in the Middle East
The price of gold has rebounded above $2,670 per ounce after two consecutive sessions of decline.
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The Gold market is probably going to remain somewhat elevated, but it's also going to be a situation where we're probably going to try to work off some of this excess froth.
Gold continues to pull back a bit in the early hours on Monday, continuing a move that we had seen on Friday.
Gold traded around $2,660 an ounce on Monday, on track for its biggest quarterly gain since early 2016, driven by repeated record highs in recent sessions as confidence grows that the Federal Reserve will deliver more U.S. interest rate cuts.