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Gold prices dipped on Wednesday from yesterday's highs near $2,365 an ounce.
For the third day in a row, the price of gold is trying to rebound higher, but its gains stopped at the resistance level of $2,358 per ounce, before settling around the level of $2,352 per ounce at the time of writing the analysis.
Gold prices have been under selling pressure since mid-last week, falling below the $2,326 support level and settling around $2,336 per ounce at the time of writing.
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Gold rallied slightly during the trading session on Friday, but I think what's more important here is that it stabilized.
Gold futures fell in the middle of trading this week after some Federal Reserve officials indicated that the central bank could raise interest rates if economic data requires further tightening.
Gold and silver futures continued their record gains this week, supported by expectations of Federal Reserve policy and strong investor and retail demand.
At the beginning of this week’s trading, the price of gold rose by up to 1.4% to a new historical record level of $2,450 per ounce.
The gold market shot higher during the Monday trading session, as news got out that the Iranian president was killed in a helicopter crash.
Gold futures are approaching record highs again as gold prices rise despite a steady US dollar and rising Treasury yields.
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Gold has pulled back from the crucial $2,400 level during trading on Thursday, which is an area that has been important multiple times.
Gold prices surged near the key psychological resistance of $2,400 per ounce (oz) today, trading at their highest level in nearly a month.
Gold prices are consolidating near $2360 an ounce as investors turn their attention to US inflation reports due this week.
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Gold prices have declined to around $2,332 an ounce as of the start of trading this week. This is as investor focus shifts to key US inflation reports
With the start of this week’s trading, gold prices rose near $2,360 per ounce.
Gold has been somewhat choppy during the early hours on Thursday, which quite frankly is a repeat of the last several days in a row.