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For three trading sessions in a row, gold benefited from the weakness of the US dollar after the disappointing US employment figures were released.
The gold markets recaptured the 200-day EMA during the trading session on Monday to kick off the week on a positive note.
The US dollar's strength contributed to the decline in the price of gold, which breached the $1800 support level, reaching a 2-month low at $1785.
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The gold markets rallied slightly during the trading session on Friday as the US dollar lost a little bit of strength.
The gold markets have broken down significantly during the course of the trading session on Thursday to slice through the 200 day EMA quite handily.
Gold has been in a downward correction range for three sessions in a row, ultimately falling to the support level at $1815 in early trading today.
Gold markets did very little during the trading session on Wednesday, which is a good thing, considering just how negative the Tuesday session was.
Gold is being sold amid the recovery of the US dollar, with gold falling to the $1830 level before settling around $1844 as of this writing.
The gold market got absolutely hammered during the trading session on Tuesday following the “short squeeze” in silver that retail traders attempted to cause in the markets.
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Despite the strength of the US dollar, the price of gold is trying to stabilize above the $1872 resistance level.
Gold markets fluctuated during the trading session on Monday, initially gapping higher due to the “knock on effect”, as the well-publicized retail attempt at causing a major short squeeze in the silver market rippled through the markets.
The price of gold has begun February by settling around the $1847 level, continuing its bearish trend.
Gold rallied significantly during the trading session on Friday to break above the 50-day EMA, but gave back those gains to show signs of weakness.
Gold markets initially tried to rally during the trading session on Thursday, but then ran into a bustle of resistance near the 50 day EMA.
The US dollar recovered after the Federal Reserve announced its monetary policy decisions, which contributed to gold's decline to the $1832 level before stabilizing around $1845 at the beginning Thursday's session.