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Since the beginning of this week, the price of an ounce of gold has been subjected to sales pushing it towards the level of $1414 support at the time of writing, and last week moved the price of gold to the $ 1453 level, the highest in six years.
Gold markets did very little during the trading session on Monday, as we have recently broken above significant resistance, only to find more resistance after that.
By the end of last week, the price of an ounce of gold reached a resistance level of $ 1453, the highest level in six years, due to increasing pressure on the US dollar, which has an inverse relation with the yellow metal.
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The Gold markets gapped higher to kick off the trading session on Friday but have given back all of the gains to come down and fill the gap.
Gold markets initially gapped higher to kick off the Thursday session, but then pulled back rather significantly to find buyers underneath.
The pressure on the US dollar, with the US interest rate cut nearing for the first time in 10 years, drove the ounce of gold price to the $ 1428 resistance level early Thursday, before settling around $ 1420 at the time of writing.
The Gold markets pulled back a bit during the trading session on Wednesday, testing the crucial $1400 level.
With positive US retail sales figures, contrary to expectations of a larger decline, the gains of the US dollar increased and the price of the gold ounce was pushed
Gold markets initially tried to rally during the trading session on Tuesday but gave back the gains to reach towards the $1400 level.
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The price of an ounce of gold stands at $1420 for several sessions.
Gold markets gapped a little bit higher during the trading session on Monday, starting out the week rather strong.
On the gold’s daily chart, it seems clear that the stability of prices for four trading sessions respectively, with gains stopped around the $1427 resistance level, before settling around $1411 at the time of writing.
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Sign up to get the latest market updates and free signals directly to your inbox.The Gold markets did very little on Friday, rallying slightly but at the end of the day we haven’t changed much.
Gold markets initially tried to rally during the trading session on Thursday but then turned around to show signs of weakness.
Strong signs from the Federal Reserve of a near interest rate cut for the first time in a decade have strongly weakened the US dollar,