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Gold markets got hit during the trading session on Wednesday, breaking down below the crucial $1850 level as the statement coming out of the Federal Reserve suggests that perhaps they will be tightening rates sooner than originally thought.
For four trading sessions in a row, the price of gold is moving in a downward correction range.
The gold markets fell again during the trading session on Tuesday to reach towards the $1850 level.
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Within the completion of the performance movement at the end of last week, the price of gold moved at the beginning of this week’s trading amid bearishness.
The gold markets fell rather significantly during the trading session on Monday to reach down towards the 50-day EMA.
The recovery of the US dollar contributed to the profit-taking sale of the price of gold, reaching the support level of 1870 dollars an ounce.
The gold markets fell pretty significantly during the trading session on Friday as we continue to see a lot of noisy behavior and a bit of hesitation to go forward.
The gold markets initially fell during the trading session on Thursday as the world awaited the Consumer Price Index in the United States to come out.
The recovery of the US dollar before the announcement of US inflation figures contributed to the decline in the price of gold to the level of 1888 dollars per ounce.
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With pressures on the US dollar, the price of gold is trying to maintain the psychological resistance level of $1900, which paves the way for testing stronger highs.
We still have a lot of work to do, and gold may be looking for some type of catalyst to finally get going.
The return of the weakness of the US dollar contributed to a positive start for the gold price in this week's trading, reaching the psychological resistance level of $1900 again.
It is very likely that we will continue to see a lot of choppy and misdirected volatility.
A strong US dollar led to two sharply bearish trading sessions for the price of gold last week that pushed it towards the support level of $1855, a 3-week low.
The gold markets fell initially during the trading session on Friday, reaching down towards the $1850 level before turning around and showing signs of life again.