DailyForex analysts monitor the gold market regularly to bring you gold price predictions and gold market forecasts that can help you find the best positions in the gold market.
Our gold forecast signals are good for both forex gold spot market traders and as well as for the long term gold investors in commodities market.
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Gold has initially fell a bit during the trading session here on Thursday, but then turned around to show signs of life again.
The recovery of the US dollar brought new selling pressure to the gold market.
Early in the day on Wednesday, gold prices rallied, reinforcing the general bullish sentiment that surrounds the gold market.
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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.
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.
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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.
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.