XAU/USD gold futures extended losses at the end of the shortened trading week.
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Over the past few days, gold markets have experienced a considerable amount of negativity, with Friday's trading session being no exception.
During Thursday's trading session, gold markets showed a lot of choppy behavior, which is consistent with the ongoing volatility in most financial markets.
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Since the start of this week's trading, the gold price has been trying hard to breach the $1850 resistance level to avoid a further collapse.
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.
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.
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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.
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.