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Gold markets have fallen initially during the trading session on Thursday but found buyers underneath that turned around and showed a positive candlestick.
For two days in a row, gold was subject to profit-taking that pushed it towards the support level of $1814 after a period of upward stability around the $1845 resistance.
Gold markets fell hard during the session on Wednesday as inflation numbers in the US saw quite a bit of destruction in some of the risk appetite the traders have been willing to take on.
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In the search for more stimulus, the price of gold fell to the level of 1818 dollars an ounce, to cut off the path of recent gains
The gold market initially fell during the trading session on Tuesday but found plenty of buyers to turn things around in order to form a bit of a hammer.
The sharp decline of the US dollar was a strong impetus for the price of gold to move to the level of $1845, its highest in three months.
Gold markets did very little during the trading session on Monday as they are testing a downtrend line that started at the very top of the market several months ago.
The bulls succeeded in pushing the gold price to the resistance level of $1843 by the end of last week's trading, a 3-month high, and settled at the beginning of this week's trading around $1830.
Gold markets rallied a bit during the trading session on Friday to reach towards the $1850 level before pulling back a bit in reaction to the jobs figure that was so poor.
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Gold markets rallied rather significantly during the course of the trading session on Thursday to break above the 200 day EMA.
Gold seems to be capitalizing on the fear surrounding India's dire COVID situation and the potential fallout, which may hinder global economic recovery.
The gold markets initially pulled back during the trading session on Wednesday to test the 50-day EMA, only to turn around and start rallying again as we have seen multiple times over the last couple of weeks.
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The bulls succeeded in pushing the gold price to the level of $1799 dollars, one step away from the psychological resistance of $1800.
The gold markets initially tried to rally during the trading session on Tuesday but could not break above the $1800 level.
With the beginning of May’s trading, gold futures rose, supported by the weak Treasury market and the weakening of the US dollar.