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The weakness of the US dollar strongly contributed to the increase in the price of gold, reaching the resistance level of $1827 as of this writing.
Gold markets gapped higher to kick off the trading session on Monday, only to pull back to fill that very same gap.
For the third day in a row, gold futures contracts continue to rise, especially with the breach of the psychological resistance of $1800.
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Gold markets rallied quite significantly on Friday, slicing through a fair bit of resistance.
The gold markets got a huge boost during the trading session on Thursday to reach towards $1800 level yet again.
I expected that gold may decline with the announcement of the US Federal Reserve, and indeed gold fell to $1758.
Gold markets fell rather hard on Wednesday, slicing through the 50-day EMA like it was not even there.
The US dollar has taken a strong position ahead of the FOMC announcement today, which will negatively affect gold, which fell to the support level of $1780 as of this writing.
The gold market initially tried to rally just a bit on Tuesday but gave back the gains to fall during most of the day.
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Gold tried to return to $1800 the psychological resistance to compensate for sharp losses that brought it all the way to the support level of $1772.
Gold markets rallied quite nicely on Monday to reach towards the 200-day EMA.
Gold bulls succeeded in grabbing the $1810 resistance as demand for safe-haven assets rose after the dollar fell following data which showed a significant slowdown in US GDP growth in the third quarter.
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The gold markets broke down significantly on Friday, crashing rather hard early in the day.
Gold markets initially rally during the trading session on Thursday to reach towards the same resistance barrier that we have been fighting for several sessions.
Despite the recovery of the US dollar, gold is stabilizing around the psychological resistance level of $1800 as of this writing.