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A temporary halt to the gains of the US dollar allowed the price of gold to stabilize around the $1791 resistance as of this writing.
Gold futures are trading in a relatively stable performance with a bearish bias as gold moved towards the $1,776 support level before settling around $1,782 as of this writing.
The gold market gapped a little bit higher to kick off the week, but then proceeded to drop immediately.
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Gold futures remained stable at the end of trading last week, even with the turmoil in global financial markets.
Gold markets rallied significantly on Friday as traders reacted to the jobs number being weaker than anticipated.
Gold markets plunged during the trading session on Thursday, as we have broken through a significant uptrend line.
Amid a temporary halt in the gains of the US dollar, gold found the opportunity to achieve gains yesterday, but they did not exceed $1794, instead settling again around $1775 as of this writing.
The gold markets initially tried to rally on Wednesday but gave back most of the gains.
Yesterday's session was exciting for the gold market, as prices jumped to the level of $1809, but soon were sold off to the $1770 support level.
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Gold markets rallied initially to break above the $1800 level but gave back the gains and now looks absolutely anemic after Jerome Powell suggested during his congressional testimony on Tuesday that “transitory” is not a word he would use to describe inflation anymore.
The price of gold has been trying to recover to stabilize above the psychological resistance of $1800, which may give the yellow metal the impetus to move higher to avoid selloffs.
Gold markets rallied a bit during the early part of the trading session on Monday, only to give up gains and go looking towards the uptrend line.
After selling off due to the recovery of the US dollar, the gold price fell to the support level of $1778, but with the emergence of the new variant from South Africa, European countries re-imposed restrictions, despite the strong vaccination rate.
Gold markets initially rallied on Friday but gave back gains as the World Health Organization held an emergency meeting due to the South African COVID variant.
Gold markets were very quiet during the trading session on Thursday, as one would expect due to the Thanksgiving holiday in America.