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Gold markets initially shot higher during the trading session on Thursday again, but now look as if the momentum is starting to run out.
Amidst the best daily performance of the gold price in more than two months, the price of an ounce of gold moved yesterday, starting from the level of $ 1810, towards the resistance level of $ 1844 per ounce.
There is no doubt that the return of the US dollar’s recovery is an important factor to stop the pace of the recent gains in the price of an ounce of gold.
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Gold markets were extraordinarily volatile in a session that featured a lot of fear.
The last trading sessions for the price of an ounce of gold witnessed relative stability in a range between the support level of $1812 and the level of $1823 an ounce.
Gold markets were steady on Monday as it was Martin Luther King Jr. Day in the United States, which wiped out quite a bit of the liquidity.
There is no doubt that the recent selling of the US dollar was a strong catalyst for the gold market in achieving its recent gains
Gold got hammered on Friday as we had initially tried to rally during the day, but it looks as if we are struggling to break out of a significant consolidation area.
Gold market sold off rather drastically, but the market then turned around to show signs of life in order to form a bit of a hammer.
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With the value of the US dollar under pressure in the wake of consumer price inflation data, the price of gold moved upwards with gains to the resistance level of 1828 dollars an ounce.
Gold markets gapped higher to kick off Wednesday, turned right back around to fill the gap, and then turned around to show signs of strength again.
There is no doubt that the recent decline of the US dollar allowed the price of an ounce of gold to continue recording its gains for the third consecutive session.
Gold markets have rallied significantly on Tuesday to show signs of strength again, in what could be looked at as a potential consolidation area.
Gold futures tried to rise again towards the psychological resistance of 1800 US dollars.
Gold markets have gone back and forth on Monday, as we continue to see a lot of back and forth action just below the 50 day EMA.