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Investors returned to risk appetite, which is negative for the price of gold.
Gold markets fell during the trading session on Wednesday but also found buyers at the same level it had on Monday.
During yesterday's trading, the price of an ounce of gold recovered to the resistance level of $1825 after selling at the beginning of the week's trading.
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The DAX Index rallied a bit during the course of the trading session on Tuesday as we continue to see the market try to pick up a little bit of stability.
Gold markets initially tried to rally during the trading session on Tuesday to break above the 50-day EMA quite handily.
At the beginning of this week's trading, gold prices fell sharply to the $1795 support level, its lowest in a week, as the US dollar benefited from the high levels of risk aversion in the financial markets.
The gold markets fluctuated during the trading session on Monday as the 200-day EMA continues to be a bit of a magnet for pricing, so it is not a huge surprise to see that we came back to this level.
Gold futures are on track to capture a three-session winning streak at the close of last week's trading.
The gold markets fell rather hard during the trading session on Friday as money continues to flow into the bond market in America.
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Gold markets have been all over the place during the place during the trading session on Thursday but have gone back and forth to show signs of hesitation at this point.
Gold prices continued to rise despite the level of the US dollar, pushing the bulls to the resistance level of 1833 dollars an ounce, the highest price in a month.
The gold markets rallied quite significantly on Wednesday to break above the 50-day EMA as Jerome Powell testified in front of Congress.
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After the announcement of stronger than expected results of US inflation figures, the price of an ounce of gold fell to the level of 1798 dollars.
The gold markets continue to chop back and forth, as nobody really has a grasp on what to do next.
The US dollar gave up some of its gains, giving the price of an ounce of gold the opportunity to correct upwards, and the price of gold settles around the level of 1813 dollars an ounce at the time of writing the analysis.