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The gold markets rallied significantly on Monday but gave back the gains rather drastically as the interest rates in America shot up straight in the air again.
Gold futures are struggling to stay in positive territory despite a stronger US dollar and higher Treasury yields.
Gold markets rallied a bit on Friday to reach the $1950 level, an area that will be important to pay attention to not only because it is considered to be a “midcentury mark”, but it is also an area where we have seen resistance previously.
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Within narrow ranges, the price of gold is still moving since the start of trading this week between the support level of $1915 and the resistance level of $1945.
Gold markets went back and forth on Wednesday to show the $1920 level as support yet again.
Despite the strength of the US dollar, gold markets stabilized after three weeks of decline, posting a rise of 0.36% despite the upcoming interest rate hike in the market.
Gold markets initially rallied on Tuesday but gave back gains rather rapidly in the middle of the session as yields in America continue to climb rapidly.
Gold futures recorded modest gains at the beginning of trading this week, reaching the resistance level of 1937 dollars for an ounce, and settling around those gains in trading today, Tuesday.
The gold markets have done very little during the session on Monday, as we continue to go sideways overall.
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Gold markets have fallen a bit during the trading session on Friday to reach the $1922 level before bouncing a bit.
During last week’s trading, gold futures struggled to record significant gains and did not exceed the resistance level of $1950.
The gold markets have pulled back during the trading session on Thursday to reach the $1923 level.
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Gold futures cut a series of losses that lasted three sessions and rose to the highest level.
Gold markets have rallied during the trading session on Wednesday to reach higher and fill the gap from the open on Tuesday.
Gold futures continued their recent losses and closed at their lowest level in 3 weeks, as the price of gold fell to the support level of $ 1890 an ounce.