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The gold market experienced a downturn during Thursday's trading session, with a notable test of the 50-Day Exponential Moving Average.
For three consecutive trading sessions, the XAU/USD has been exposed to profit-taking selling, pushing it towards the support level of 1,948 USD per ounce.
The Gold market experienced a slight dip during Wednesday's trading session, only to rebound, showcasing signs of vitality once again.
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The price of gold was exposed to selling operations that pushed it towards the support of $1,956 per ounce before settling around the level of $1,970.
The trading landscape experienced a stark downturn on Tuesday, as American interest rates surged once again.
The gold market has displayed a certain ambivalence over the past few weeks, with fluctuations keeping traders on their toes.
The XAU/USD was subjected to selling pressure, stabilizing around the support level of $1,977 per ounce at the time of writing the analysis.
At the end of last week's trading, gold futures rose to close a volatile week that saw the Federal Reserve meeting and the US jobs report for October.
The gold market showcased a robust rally in Friday's trading session, adding to the ongoing display of volatility and turbulence.
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The gold market displayed a notable rally during Thursday's trading session, creating excitement among traders as it approached the coveted $2000 level.
The gold price tested the resistance level of $2,009 per ounce, the highest level in five months, before retreating to $1,970.
The gold market had a somewhat turbulent start during Wednesday's trading session, initially experiencing a bit of a decline.
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Since the start of trading this week, the price of gold XAU/USD has maintained the psychological resistance of $2,000 per ounce.
The gold market displayed minimal movement in the early hours of Tuesday, as it continued to test the critical $2000 level for potential support.
The price of gold rose towards the resistance level of $2010 per ounce, its highest level in five months, and stabilizes around the level of $1993 per ounce.