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Gold markets broke higher on Friday above the $1775 level.
The gold markets have been very choppy during the trading session on Thursday as we continue to see a bit of hesitation just below the previous support level.
US inflation figures coming in as expected halted the sharp gains that the US dollar has enjoyed since the announcement of strong US jobs numbers for July.
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The gold markets rallied a bit on Wednesday after the CPI numbers came out as expected.
Gold is still trying to remain stable above the resistance of $1700 to avoid more violent bearish pressure, which had plunged the price to $1683 earlier this week.
Gold markets fluctuated on Tuesday as we continue to look at the gold market through the prism of whether or not inflation is a major issue.
Up against a strong US dollar, the price of gold returned to the support level of $1725 at the beginning of today's trading and settled around $1732 as of this writing.
Gold markets crashed to kick off the trading week as Asians reacted to the rising interest rates in America and the massive selloff that gold had seen on Friday.
Friday saw the worst trading session for gold in nearly two months, as the price fell from the $1805 resistance to the $1759 support, before closing at $1764.
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Gold markets got crushed during the Friday session on higher yields coming out the United States as 943,000 jobs were added to the payrolls during July.
Gold markets have fallen a bit during the course of the trading session on Thursday to dip down below the 200 day EMA, reaching down towards the $1800 level.
Between the continuation of investors to buy safe havens, with fears of the rapid spread of the Corona Delta variable, the price of gold succeeded in moving strongly upwards to the resistance level of 1832 dollars an ounce.
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Gold markets rallied significantly during most of the trading session on Wednesday, reaching towards the $1830 level.
Gold prices returned to stability around the $1808 support level for an ounce, in waiting mode until investors interact this week with the announcement of monetary policy decisions by the Bank of England.
The gold market dropped a bit during the trading session on Tuesday, as sit at the 50-day EMA without any interesting movement in one direction or the other.