DailyForex analysts monitor the gold market regularly to bring you gold price predictions and gold market forecasts that can help you find the best positions in the gold market.
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Despite global concerns, which usually serve as a fertile environment for gold, a strong US dollar pushed gold to the $1728 support level, a 7-month low, before settling around $1740 as of this writing.
Gold remains near important support in early trading today, but unfortunately for bullish speculators, the lower price levels have proven rather vulnerable short term.
Gold markets broke down a bit on Tuesday to slice through the $1740 region, an area that has been supportive for a while.
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Gold markets have been slumping during most of the September month, reaching down towards the $1750 level multiple times.
The gold markets have gone back and forth during the course of the trading session on Monday as traders came back to work from the weekend.
The gold market initially rallied on Friday but gave back the gains to form the inverted hammer that you see on the chart.
Gold markets have fallen rather hard during the trading session after initially filling the downward gap on Thursday.
The Federal Reserve re-affirmed its desire to tighten its monetary policy as soon as possible, which increased the gains of the US dollar, and thus downward pressure on gold.
Gold markets rallied ever so slightly on Wednesday as we continue to see more of an upward push in the market.
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Gold has been trying to recover from recent selloffs, which pushed it towards the $1741 support level, its lowest in about a month-and-a-half.
The gold market initially pulled back just a bit on Tuesday but turned around to show signs of strength again.
As of this writing Gold is near important support as it traverses slightly above the 1760.00 level with rather fast trading conditions prevailing.
The gold markets initially fell through the $1750 level before turning around, but the market is likely to continue to see a lot of noisy behavior.
The gold markets rallied significantly on Friday but gave back the gains to show signs of exhaustion.
The US dollar shot straight up in the air during the trading session on Thursday as retail sales came out much stronger than anticipated.