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The US dollar was subjected to selling operations recently to take profits after its sharp gains due to the expectations of raising US interest rates, which allowed the gold market to recover yesterday.
Gold markets spiked initially on Tuesday but have given up early gains as both the 50-day and the 200-day EMA indicators seem to be too much for the market.
The gold market held on to gains, recovering from last week's sharp drop that came on the heels of an upbeat turnaround from the Federal Reserve.
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I would anticipate a lot of noisy behavior in the short term, as the gold market will be thrown around by all of the interest rate volatility coming from multiple places around the world.
Last week was disastrous for the price of an ounce of gold, as prices fell from the resistance level of 1854 dollars to the support level of 1780 dollars per ounce.
Gold markets fell significantly on Friday to reach down towards the $1780 level.
Gold markets gapped lower to kick off the trading session on Thursday to show a massive amount of negative pressure.
The natural gains of the US dollar after the US Federal Reserve indicated the date for raising US interest rates.
The gold markets were very noisy on Wednesday as you would anticipate, due to the fact that it was the FOMC meeting and everything that goes along with that.
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The collapse of global stock markets, military tensions between Russia and Ukraine, and skirmishes in the Middle East are factors that supported the price of gold in the upward movement.
Gold markets initially pulled back a bit on Tuesday but found enough support underneath to continue going higher.
During the beginning of this week's trading, gold prices continued to rise, as investors sought to buy safe assets amid intense selling in global stock markets.
Gold markets went back and forth on Monday as we continue to see a lot of volatility in general.
Amid inflation concerns and a drop in cryptocurrency prices, the price of gold rebounded, posting the biggest rise in three months to its best level since November.
Gold markets fell a bit on Friday to reach down towards the $1831 level.