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The strength of the US dollar contributed to the collapse of the gold price to $1849 at the beginning of the today’s trading session, to its lowest level in two months
Gold markets have broken through support, reaching towards the $1866 by the time the open outcry session ended.
The bearish momentum for the gold price is still the strongest in light of the strong buying operations of the US dollar, which moves inversely with the path of gold prices.
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Gold markets fell again during the trading session on Tuesday but seem to be finding a bit of interest near the $1900 level.
The recent sharp gains in the US currency were a good reason for gold price collapse to the $1883 an ounce during Monday's trading, which is the lowest price for the yellow metal in two months.
The gold markets broke down a bit during the trading session on Monday, reaching below the $1900 level.
Gold markets went back and forth during the trading session on Friday again, as we simply drift sideways in general.
Gold markets fell hard during the trading session on Thursday, reaching down towards the uptrend line from the symmetric triangle that I have plotted on the chart.
The US currency received support from the US Federal Reserve’s announcement of its monetary policy yesterday, despite its indication that US interest rates should be maintained
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Gold markets have rallied again during the trading session on Wednesday but gave back the gains at the same downtrend line that makes up the triangle that I have drawn on the chart.
For five trading sessions in a row, gold prices witnessed an upward movement with gains that pushed to $1973 an ounce, its highest level in two weeks.
The gold markets out there continue to be stuck in a symmetrical triangle, as we tried to rally during the trading session but then fell back down on Tuesday.
Gold price received the meetings of international central banks (the Bank of Japan, the Bank of England and the US Federal Reserve), with a gain of 1%
Gold markets have rallied a bit during the trading session on Monday to kick off the week, as we have seen precious metals have a fairly strong day.
The bulls tried to take advantage of the USD weakness and move the gold price higher, to reach the resistance at $1967 an ounce, to avoid a downward close during last week’s trading after profit-taking selling that pushed the gold price towards the support at $1907 an ounce.