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Gold markets have done very little during the trading session on Wednesday as we continue to hang around the 38.2% Fibonacci level.
On Tuesday, the gold market fluctuated back and forth around the 38.2% Fibonacci level.
Amid a temporary halt to the gains of the US dollar, the gold (XAU/USD) price gained a positive momentum to rebound to the upside, stable around the level of $1847 an ounce.
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During Monday's trading session, gold markets saw a lot of noisy behavior.
Gold futures ended the last trading week above $1,850 an ounce, but prices fell for the third consecutive week as the market prepares for an additional hike in US interest rates.
Gold markets initially fell on Friday, but then turned around to show signs of life again as the 38.2% Fibonacci level has offered support.
The continued strength of the US dollar was sufficient for further downward pressure on gold prices, XAU/USD, with losses towards the support level at $1830 an ounce.
The gold market has fallen again during the trading session on Wednesday, as we continue to see a lot of pressure in this market.
Gold futures XAU/USD recorded modest gains yesterday after the US inflation data for January.
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Gold markets have been back and forth during the trading session on Tuesday, as we are trying to figure out what to do with it.
The price of gold continued in the downward correction with losses extended to the support level of $1850 per ounce, the lowest price for more than a month.
Gold markets have fallen a bit on Monday, as we continue to see the 50-Day EMA come into the picture and offers certain amount of interest.
At the end of last week's trading, gold futures XAU/USD fell to the level of $1853 per ounce, the lowest price in more than a month.
Gold markets and try to rally during the trading session on Thursday but struggled again as we continue to see a lot of resistance above the $1880 level.
For three trading sessions in a row, the price of gold XAU/USD is trying to compensate for its recent sharp losses