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Since the beginning of this week, the gold price has been on its broader upward trajectory, stabilizing around the resistance level of $2666 per ounce.
During my daily analysis of the gold market, the resiliency has become apparent. We initially did pull back during the trading session.
For three consecutive trading sessions, the gold price has been moving within an upward rebound, with gains reaching the resistance level of $2642 per ounce, the highest price in a week.
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At the beginning of this week, the price of gold ounce rose by $50 in a single trading session as the gold price rebounded from the support level of $2565 per ounce to the resistance level of $2615 per ounce in the same trading session.
During my daily analysis of the gold market, the first thing that I see is that we have had a couple of days’ worth of stabilization, and now it looks like traders are comfortable enough to start getting aggressive.
At the beginning of this week, the gold price is attempting to rebound to recoup its sharp losses from last week, which reached a support level of $2536 per ounce, the lowest for the gold price index in two months.
Gold markets have been back and forth in a fairly quiet session on Friday as it looks like we are trying to stabilize after a significant pullback.
Gold forms a hammer after early losses Thursday, signaling potential recovery towards the 50-day EMA. Key support: $2,500; resistance remains strong.
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.
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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.
During my daily analysis of commodity markets, the gold market has caught my attention as it has seen such a beating.
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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.