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The gold market rallied significantly during the trading session on Monday to kick off the week, reaching towards the 200-day EMA and even breaking above it at one point.
Gold’s weak attempts to rebound higher during last week's trading did not exceed the $1790 resistance level, and last Thursday's session was disastrous.
Gold markets fell slightly during the trading session on Friday but remain cognizant of the 50-day EMA sitting just below.
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Gold markets initially tried to rally during the course of the trading session on Thursday but failed to continue going higher at the 200 day EMA as it continues to be quite resistive.
The selling pressure is about to pick back up.
The US dollar retreated after the Federal Reserve announced its monetary policy decision, which contributed to the price of gold rebounding up to the resistance level of $1788 as of this writing.
Gold markets initially fell during the trading session on Wednesday to reach down towards the 50-day EMA.
The price of gold is expected to continue to move in a limited range until the reaction of the dollar to the Federal Reserve’s monetary policy decisions and the statements of Chairman Jerome Powell.
The gold market fluctuated during the trading session on Tuesday again, as we are stuck between the 50-day EMA underneath and the 200-day EMA to the upside.
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The recovery of the US dollar stopped gold's attempts to rebound higher, and recent attempts to break through the psychological resistance of $1800, crucial for the bullish trend, failed.
Gold markets have initially fallen during the trading session on Monday to reach down towards the 50-day EMA.
By the end of last week’s trading, the price of gold retreated to the level of $1770 after attempts throughout the week’s transactions to breach the level of psychological resistance of $1,800.
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The gold markets have gone back and forth during the trading session on Friday, only to pull back from the 200-day EMA at the end.
As things currently stand, the bears have taken a back seat in gold markets while bond yields appear to have further down to go before establishing support.
The gold markets initially tried to break out above the 200 day EMA during the trading session on Thursday but gave back the gains to show the 200 day EMA to be rather resilient.