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Gold futures (XAU/USD) are struggling to determine their direction.
Since the start of trading this week, the price of gold XAU/USD has been on an upward trajectory.
The gold market has drifted a little bit lower early during the trading session.
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Looking at the daily chart of gold price XAU/USD, it is clear that the head-and-shoulders pattern is forming, which technically supported the recent selling of gold.
Gold has been displaying positive signs in recent trading sessions, showing resilience around the $2,000 mark.
The continued strength of the US dollar has increased selling pressure on gold XAU/USD, with losses extending to the lowest level in a month.
The gold market experienced an initial decline during Wednesday's trading session, with particular attention drawn to the 50-Day Exponential Moving Average and the underlying uptrend line.
The strong gains in the US dollar yesterday were a natural trigger for gold sales, but losses did not exceed $2,026 per ounce, and selling came from the $2,055 per ounce resistance level in the same trading session yesterday.
The gold market experienced a decline in its performance during the recent trading session, a consequence of the return of full liquidity to the marketplace.
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Despite the strength of the US dollar, the price of gold (XAU/USD) shows stability, as it stabilizes around the level of $2055 per ounce at the time of writing the analysis.
The Gold markets have displayed a degree of noise but have generally trended positively.
Last Friday, Gold futures recorded their biggest single-session gain since mid-December, driven by concerns over wider-ranging tensions in the Middle East.
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Gold markets showed significant strength on Friday, responding to weaker-than-expected PPI numbers, contrasting the previous day's CPI data which was slightly stronger.
Gold selling has continued since the start of trading this week, with losses reaching the level of $2,021 per ounce, amid gains in the US dollar since the announcement of stronger-than-expected US employment figures.
The gold market displayed limited activity during Wednesday's early hours as buyers remained elusive.