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Gold's rebound gains during the last three trading sessions brought it to the resistance level of $1770, where it has settled at the beginning of trading today.
Gold markets initially fell on Monday to reach down towards the $1750 level.
The price of gold reached $1765 twice last week after falling to the support level of $1722, the lowest price in nearly two months.
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Gold markets went back and forth on Friday, showing signs of exhaustion after the massive bullish candlestick that we formed on Thursday.
The US Congress looks very likely to see a bit of a continuing resolution being signed, suggesting that the United States government is not going to shut down.
Gold markets initially rallied on Wednesday but gave back quite a bit of the gains and then started to fall apart from there.
Despite global concerns, which usually serve as a fertile environment for gold, a strong US dollar pushed gold to the $1728 support level, a 7-month low, before settling around $1740 as of this writing.
Gold remains near important support in early trading today, but unfortunately for bullish speculators, the lower price levels have proven rather vulnerable short term.
Gold markets broke down a bit on Tuesday to slice through the $1740 region, an area that has been supportive for a while.
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Gold markets have been slumping during most of the September month, reaching down towards the $1750 level multiple times.
The gold markets have gone back and forth during the course of the trading session on Monday as traders came back to work from the weekend.
The gold market initially rallied on Friday but gave back the gains to form the inverted hammer that you see on the chart.
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Gold markets have fallen rather hard during the trading session after initially filling the downward gap on Thursday.
The Federal Reserve re-affirmed its desire to tighten its monetary policy as soon as possible, which increased the gains of the US dollar, and thus downward pressure on gold.
Gold markets rallied ever so slightly on Wednesday as we continue to see more of an upward push in the market.