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Gold markets fluctuated on Wednesday again as we continue to hang around the 200-day EMA.
With the stability of the US dollar and the rise in US Treasury bond yields, the price of gold fell to the support level of $1783, as these factors led to curbing the demand for the yellow metal, which is considered a safe haven.
Gold markets have pulled back a bit during the trading session on Tuesday again, as we continue to see a lot of resistance just above.
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At the beginning of this week’s trading, the price of gold recorded gains that reached the $1810 resistance.
The gold market has rallied significantly on Monday to reach towards the same resistance barrier that we have tested over the last couple of trading days.
Friday showed the gold's instability, as it jumped to the $1814 resistance level, then quickly collapsed to the $1783 support and started this week around $1800.
The gold markets rallied rather significantly on Friday to break above the trend line that we have been paying attention to for some time.
The gold markets have gone back and forth during the trading session on Thursday, as we slammed into the major downtrend line that I have drawn on the chart.
The recent decline of the US dollar allowed the price of gold to move higher and stabilize around the $1790 resistance level for 3 trading sessions in a row.
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Gold markets rallied a bit on Wednesday as we continue to see the markets reach towards the massive downtrend line as well as the 200-day EMA.
The bulls succeeded in pushing the price of gold towards the $1785 resistance yesterday, then retreating towards the $1767 support at the beginning of trading today before settling around $1776 as of this writing.
Gold markets rallied significantly early on Tuesday but gave up gains to form a less-than-impressive, shooting star-shaped candlestick.
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Gold retreated yesterday towards the $1760 support and swiftly corrected upwards today, settling around $1779 as of this writing.
Gold markets fluctuated on Monday, stabilizing after the massive selloff that we had seen during the Friday session.
Gold futures broke off a three-day winning streak and settled lower on Friday towards the $1,765 support, after touching the psychological top of $1,800 last session.