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The gold markets have gone back and forth during the course of the trading session on Thursday, as the 50 day EMA above continues to offer a bit of resistance.
As of this morning gold is near the 1788.00 price and is within sight of rather interesting short term resistance levels.
The USD is working against the value of certain commodities, with gold being especially sensitive to the US Dollar Index.
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The gold market as gone back and forth during the trading session on Tuesday, initially shooting much higher but giving up gains rather quickly.
Gold markets initially pulled back on Monday a bit but have found buyers jumping back in to push ever so higher.
The US dollar declined at the end of last week's trading, which allowed gold to move to the resistance level at $1780.
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.