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Gold markets tried to go higher at the open on Monday but have found so many sellers out there that they have collapsed and slammed into the bottom of the overall range
Gold futures turned strongly positive, stunning many traders and analysts, as higher-than-expected US inflation sent investors to the safe-haven assets.
The gold market had initially fallen on Friday and then fell even quicker once the inflation numbers came out much hotter than anticipated.
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The gold markets initially fell during the trading session on Thursday but then turned around to show signs of life at the bottom of the consolidation area.
The recent cautious stability of the gold price may move strongly, starting from today and ending tomorrow.
Gold markets went back and forth on Wednesday as we are essentially killing time this week.
Gold futures posted modest gains yesterday due to weaker US dollar and lower Treasury yields.
Gold markets bounced a bit during the session on Tuesday to reach above the $1850 level.
There is no doubt that the renewed gains of the US dollar, especially after the announcement of the strong US job numbers at the end of last week, negatively affected the gold market.
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Gold markets continued to grind back and forth on Monday as yields in America continue to jump above 3% periodically in the 10-year note.
Gold futures are struggling to hold on to weekly gains after a strong US jobs report for May raised the likelihood of maintaining the Federal Reserve's approach to fighting inflation.
Gold markets initially tried to rally on Friday but found the 50-day EMA to cause resistance.
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Sign up to get the latest market updates and free signals directly to your inbox.Will markets have rallied rather significantly during the trading session on Thursday as we have reached the $1870 level.
For the second day in a row, the price of gold is trying to resist the strong US dollar. The price of gold settled around the level of 1852 dollars an ounce at the time of writing the analysis.
Amid the recovery of the US dollar, gold prices fell to the level of 1835 dollars an ounce, starting from the resistance level of 1857 dollars an ounce during yesterday's trading session.