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Will markets have rallied rather significantly during the trading session on Thursday as we have reached the $1870 level.
For the second day in a row, the price of gold is trying to resist the strong US dollar. The price of gold settled around the level of 1852 dollars an ounce at the time of writing the analysis.
Amid the recovery of the US dollar, gold prices fell to the level of 1835 dollars an ounce, starting from the resistance level of 1857 dollars an ounce during yesterday's trading session.
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Gold markets did very little over the last couple of weeks, as we are trying to figure out whether or not we are going to bounce, or if we are going to break down.
With the beginning of this week's trading, which was mostly quiet due to an American holiday, gold futures rose to the level of 1864 dollars an ounce.
Gold markets were quiet on Monday, which should not be a huge surprise considering that it was Memorial Day in the United States, and futures trading was somewhat limited.
Gold futures enjoyed modest weekly gains, despite slowing US inflation gains and Fed optimism.
The gold market rallied during the early hours on Friday but gave back gains quite significantly.
Gold markets have fallen initially during the trading session on Thursday but turned around to show signs of life again.
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For the second day in a row, the price of gold is exposed to selling operations with losses to the support level of $1842 an ounce and bouncing back from the resistance level of $1870 an ounce.
Gold markets fell rather hard Wednesday as we continue to see a lot of trouble dear the 200-day EMA.
Gold futures contracts continued to achieve their gains, supported by the decline in the price of the US dollar.
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Sign up to get the latest market updates and free signals directly to your inbox.For three trading sessions in a row, gold prices continued to rise with gains to the resistance level of 1865 dollars an ounce and settled around the level of 1853 dollars an ounce.
Gold markets initially tried to rally on Monday but then turned around to show signs of weakness.
Last week’s trading was positive in general for the recovery of the gold price, which moved towards the resistance level of 1858 dollars an ounce at the beginning of this week’s trading.