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XAU/USD gold prices failed to achieve more than the resistance level of 1759 dollars an ounce during yesterday's trading, as the US dollar recovered against everyone.
Gold Markets have pulled back significantly from the 200-Day EMA, which is near the $1760 level.
Despite the decline in the price of the US dollar during the past week, the gains of the bullish retracement of the gold price (XAU/USD) did not exceed the level of 1761 dollars per ounce.
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The XAU/USD currency pair goes back and forth on Friday to show signs of hesitation yet again, as we are hanging around the 200-Day EMA.
Gold markets rallied a bit during the trading session on Thursday, but you need to keep in mind that it was Thanksgiving.
The US dollar's gains stopped, allowing the price of gold to rebound to the upside, reaching the level of $1754 an ounce.
Gold markets have initially fallen during trading on Wednesday, reaching below the $1730 level before turning around and forming a bit of a hammer.
XAU/USD gold futures recorded small gains yesterday, rebounding to the $1750 level, recovering from a decline towards the $1732 level.
Gold markets initially rallied on Tuesday but have given back quite a bit of the gain as we continue to see a lot of volatility in the US dollar.
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For four consecutive trading sessions, the XAU/USD gold price moved amid selling operations.
Gold futures struggled to stay above $1,750 an ounce by the end of last week's trading, as the gold market was affected by the rise of the US dollar.
Gold markets have struggled a bit during the trading session on Thursday, as we are threatening to break back through the 200 Day EMA.
Due to the recovery of the US dollar, gold futures settled lower.
Gold markets initially shot higher during the trading session, but then pulled back as we got close to the $1800 level. All things being equal, this is a market that has been quite noisy, and overextended.
Since the start of this week’s trading, the XAU/USD gold price has been stable around the recent rebound gains, reaching the $1775 resistance level