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Gold markets rallied initially to break above the $1800 level but gave back the gains and now looks absolutely anemic after Jerome Powell suggested during his congressional testimony on Tuesday that “transitory” is not a word he would use to describe inflation anymore.
The price of gold has been trying to recover to stabilize above the psychological resistance of $1800, which may give the yellow metal the impetus to move higher to avoid selloffs.
Gold markets rallied a bit during the early part of the trading session on Monday, only to give up gains and go looking towards the uptrend line.
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After selling off due to the recovery of the US dollar, the gold price fell to the support level of $1778, but with the emergence of the new variant from South Africa, European countries re-imposed restrictions, despite the strong vaccination rate.
Gold markets initially rallied on Friday but gave back gains as the World Health Organization held an emergency meeting due to the South African COVID variant.
Gold markets were very quiet during the trading session on Thursday, as one would expect due to the Thanksgiving holiday in America.
Gold prices closed slightly higher after a four-session decline, despite the rise of the US dollar and a group of US economic reports that were mostly positive.
Gold markets went back and forth on Wednesday as we have finally seen stabilization in a market that has been absolutely crushed over the last couple of sessions.
For the third consecutive day, gold showed strong bearish momentum, which pushed it to the $1782 support level, a 3-week low, before settling around $1796 as of this writing.
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The gold markets broke down significantly on Tuesday as we have broken down below the 200-day EMA quite significantly.
Gold is about to collapse as the US dollar rises, with Federal Reserve Chairman Jerome Powell getting another term as head of the world's most powerful financial institution.
Gold markets got absolutely hammered on Monday to reach down towards the 50-day EMA at the $1807 level.
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Sign up to get the latest market updates and free signals directly to your inbox.The US dollar recovered with the end of last week's trading, leading to the selling of gold, which moved to the $1843 support level before closing around $1846.
Gold markets initially tried to rally on Friday but gave back some of the gains to dip just below the $1850 level.
Gold markets have fallen on Thursday but remain within the basic consolidation area that we had been in for a while.