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The last trading sessions for the price of an ounce of gold witnessed relative stability in a range between the support level of $1812 and the level of $1823 an ounce.
Gold markets were steady on Monday as it was Martin Luther King Jr. Day in the United States, which wiped out quite a bit of the liquidity.
There is no doubt that the recent selling of the US dollar was a strong catalyst for the gold market in achieving its recent gains
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Gold got hammered on Friday as we had initially tried to rally during the day, but it looks as if we are struggling to break out of a significant consolidation area.
Gold market sold off rather drastically, but the market then turned around to show signs of life in order to form a bit of a hammer.
With the value of the US dollar under pressure in the wake of consumer price inflation data, the price of gold moved upwards with gains to the resistance level of 1828 dollars an ounce.
Gold markets gapped higher to kick off Wednesday, turned right back around to fill the gap, and then turned around to show signs of strength again.
There is no doubt that the recent decline of the US dollar allowed the price of an ounce of gold to continue recording its gains for the third consecutive session.
Gold markets have rallied significantly on Tuesday to show signs of strength again, in what could be looked at as a potential consolidation area.
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Gold futures tried to rise again towards the psychological resistance of 1800 US dollars.
Gold markets have gone back and forth on Monday, as we continue to see a lot of back and forth action just below the 50 day EMA.
Gold futures struggle to determine the direction, after the worst US jobs report for 2021.
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Gold markets have fallen a bit on Friday to break down below the bottom of the candlestick from the Thursday session.
Gold markets have broken down significantly on Thursday, as we have sliced through the $1800 level like it was not even there.
The price of gold gave up some of its gains after US Federal Reserve officials said that a strengthening economy and rising inflation could spur faster increases in US interest rates.