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Gold futures continued their sharp losses as global financial markets continued to interact with the US Federal Reserve raising expectations of an increase in interest rates.
The gold markets initially tried to rally during the trading session on Friday but gave back the gains rather quickly.
The gold market gapped lower to kick off the trading session on Thursday, and then turned around to break down quite significantly.
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In light of the worst daily performance in four months, the price of gold moved to the support level of $ 1803 an ounce, its lowest in a month and a half,
Gold markets got hit during the trading session on Wednesday, breaking down below the crucial $1850 level as the statement coming out of the Federal Reserve suggests that perhaps they will be tightening rates sooner than originally thought.
For four trading sessions in a row, the price of gold is moving in a downward correction range.
The gold markets fell again during the trading session on Tuesday to reach towards the $1850 level.
Within the completion of the performance movement at the end of last week, the price of gold moved at the beginning of this week’s trading amid bearishness.
The gold markets fell rather significantly during the trading session on Monday to reach down towards the 50-day EMA.
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The recovery of the US dollar contributed to the profit-taking sale of the price of gold, reaching the support level of 1870 dollars an ounce.
The gold markets fell pretty significantly during the trading session on Friday as we continue to see a lot of noisy behavior and a bit of hesitation to go forward.
The gold markets initially fell during the trading session on Thursday as the world awaited the Consumer Price Index in the United States to come out.
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The recovery of the US dollar before the announcement of US inflation figures contributed to the decline in the price of gold to the level of 1888 dollars per ounce.
With pressures on the US dollar, the price of gold is trying to maintain the psychological resistance level of $1900, which paves the way for testing stronger highs.
We still have a lot of work to do, and gold may be looking for some type of catalyst to finally get going.