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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.
Gold markets gapped lower to kick off on Wednesday to continue going lower and reach the $1900 area.
Throughout the last week’s trading, the gold price is on an upward path, because of which it achieved the resistance level of 1966 dollars an ounce.
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Gold markets fell rather hard on Monday to reach down towards the $1920 level.
Gold markets hesitated on Friday, as we were very choppy and essentially nowhere by the end of the day.
Gold markets have rallied significantly during the trading session on Thursday to break well above the $1950 level.
Despite the strength of the US dollar, gold prices rose to the resistance level of 1945 dollars an ounce and is stable around it at the time of writing the analysis.
Gold markets rallied a bit on Wednesday to show signs of life as we have broken above the $1930 level.
Gold futures quickly ignored Federal Reserve Chair Jerome Powell's comments on inflation.
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The gold markets fell a bit on Tuesday to pierce the support region that I have marked on the chart.
The price of gold remained in a state of stability, heading to the upside, despite more hawkish hints by US Central Bank Governor Jerome Powell towards the future of raising US interest rates during 2022.
Gold markets rallied a bit on Monday but gave up some of the gains as we continue to see a lot of noisy behavior just above the $1920 level.
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By the end of last week's trading, gold futures contracts declined, leading to a noticeable weekly loss for the precious metal.
The gold markets have rallied rather significantly during the trading session on Thursday as we gapped higher and then went looking to reach the $1950 level.
For five trading sessions in a row, gold prices are falling amid profit-taking sales.