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The US dollar index, DXY, collapsed to the 91.99 support.
Gold markets have been a bit choppy during the trading session on Monday, as we continue to see a lot of noise, but overall, this is still a very positive marketplace.
The markets believed that this decline would not last for long, as the US dollar quickly declined strongly with the market’s absorbing what Jerome Powell announced.
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The gold markets rallied a bit during the trading session on Friday, as we continue to see a lot of bullish pressure in a market that continues to react to the Federal Reserve and its ultra-loose monetary policy.
Gold markets have been rather choppy during the month of August, but that should not be a surprise given a couple of different factors.
Gold markets initially shot higher during the trading session on Thursday as traders anticipated the Jerome Powell speech and whatever reaction the markets may have to it.
In light of the USD weakness, the opportunity was better for gold and silver futures to move towards its highest closing level in a week,
The gold markets have pulled back just a bit during the trading session on Wednesday but then turned around to show signs of extreme strength.
The US central bank does not appear to make any further expansion of its stimulus package in the short term.
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The gold markets fell a bit during the trading session on Tuesday as we continue to see a lot of noisy action in the markets.
Gold markets have initially tried to rally during the trading session on Monday but gave back quite a bit of the gains as the US dollar strengthened.
The strength of the US dollar was a good reason for the gold price to drop to $1911 support during last week's trading and began this week's dealings around the $1938 per ounce, where it is stable at the time of writing.
The gold markets gapped higher to kick off the trading session on Friday, but then pulled back a bit to turn around and form a hammer.
Gold markets have gapped lower to kick off the trading session on Thursday, but then turned around to somewhat fill the gap.
The strength of the US currency pushed the gold price to retreat towards $1925 an ounce in early trading of Thursday, before stabilizing around the $1945 at the time of writing.