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The gold market experienced a back-and-forth trading session on Wednesday, demonstrating intermittent strength within a limited range.
The recent upward rebound attempts of XAU/USD gold price failed, as its gains did not exceed the resistance level of $1937 an ounce.
On Tuesday, the gold market experienced a back-and-forth trading session, displaying signs of strength within a narrow range.
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At the beginning of trading this week the rally in gold futures faded as the political turmoil in Russia ostensibly abated.
The gold market has displayed signs of stability recently, with prices hovering above the 61.8% Fibonacci level.
With the return of the strength of the US dollar, the markets confirmed that the US Federal Reserve is determined to continue raising US interest despite its halt at the last meeting
Gold markets experienced a slight bounce during Friday's trading session, finding support at the 61.8% Fibonacci retracement level.
Gold experienced a decline early on Thursday as downward pressure continued to weigh on the market.
XAU/USD gold prices fell to the support level of $1919 an ounce during yesterday's trading, before prices stabilized around $1935 an ounce at the time of writing.
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During Wednesday's trading session, gold markets experienced further declines, nearing the lower end of recent support levels.
After a quiet and stable start in the shadow of the American holiday XAU/USD gold futures fell below $1950, with losses affecting the support level at $1930 an ounce.
The gold market experienced a significant decline on Tuesday, primarily due to the strengthening US dollar.
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Sign up to get the latest market updates and free signals directly to your inbox.With the start of this week's trading, the XAU/USD gold price tried to maintain attempts to rebound to the upside, which pushed it towards the resistance level of $1967 an ounce.
Gold experienced a slight decline during Monday's trading session, although it is important to note that it coincided with Juneteenth, a major holiday in the United States.
The US Federal Reserve still abandoned the tightening policy temporarily, as it kept the US interest rate unchanged last week.