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During last week’s trading, the gold price experienced strong selling that pushed it towards the support level of $1732 an ounce, its lowest in nine months, and tried to recover slightly to $1752 on Friday.
Gold markets initially shot higher on Friday but gave up gains again.
Gold markets tried to recover during trading on Thursday but gave back gains rather quickly as we had approached the $1750 level.
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Gold futures are trading at their lowest in more than nine months, driven by another rally in the US dollar.
Gold markets fell hard on Wednesday as we are now well below the $1750 level.
The price of gold fell sharply as Treasury yields rose and investors weighed a possible cancellation of some US tariffs on Chinese consumer goods that could help ease inflation.
With the beginning of this week's trading, the performance of gold prices varied despite the weakness of the US dollar and the recent sharp drop in US Treasury yields.
Amidst the strength of the US dollar, gold futures fell below the $1,800 level, despite rising inflation and growing recession fears.
Gold markets initially looked like they were going to break down drastically on Friday, but turned around quite significantly to form a massive hammer.
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Gold markets have been all over the place during trading on Thursday, initially breaking through a major uptrend line
Throughout this week’s trading, bulls’ attempts to push the price of an ounce of gold to the top failed, as gold gains did not exceed the resistance level of $ 1841 an ounce.
The gold market rallied a bit on Wednesday but has also found plenty of selling pressure near the $1835 level.
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With the return of the strength of the US dollar, XAU/USD gold prices were subjected to quick selling operations.
Gold markets initially try to rally on Tuesday, but as we have seen so many days in a row now, sellers have stepped in to push the market from the highs.
Gold futures retreated from the gains that coincided with the beginning of trading this week, with the yellow metal entering the negative territory throughout the year.