Gold witnessed an initial rally during Thursday, but it soon exhibited signs of weakness, currently, it appears that the market is approaching a crucial juncture.
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The gold price [XAU/USD] remained within its recent gains which extended to the resistance level of $2056 per ounce, the highest for it in two weeks.
The gold market has been displaying a noticeable level of volatility lately.
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Recently, gold prices rose by $20 yesterday and started this exciting week's trading from the support level of $2,023 per ounce.
The gold market experienced a fair amount of turbulence in Tuesday's trading session.
Gold futures prices XAU/USD started the week on an uptrend, stabilizing above the psychological level of $2,000 per ounce.
Gold had initially fallen a bit during the early hours on Monday.
Recently, gold prices are stabilizing around the $2,030 per ounce level at the time of writing the analysis.
You can see that we initially did try to rally a bit during the trading session on Friday but gave back the gains as we continue to hang around the 50 day EMA.
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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.
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.