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The gold market got absolutely hammered on Monday to kick off the trading year.
The price of an ounce of gold ended the 2021 trading year, stable above the psychological resistance level of 1800 dollars, and down to the resistance level of 1829 dollars an ounce.
Gold markets broke above the crucial $1820 level on Friday to end the year on a very good note.
Gold succeeded in launching towards the resistance level of $1820 this week, its highest in over a month, but the recovery of the US dollar yesterday caused rapid selling that pushed gold towards $1789 before settling around $1805 as of this writing.
Gold markets gapped lower to kick off the Wednesday session, and then sliced through a ton of support.
The recent decline in the price of the US dollar helped the gold market to rebound upwards, reaching the $1820 resistance before the settling around $1805 as of this writing.
Gold markets initially shot higher on Tuesday, and after that we were getting ready to take off to much higher levels.
The continued decline of the US dollar still supports gold bulls in moving higher.
Gold markets went back and forth on Monday, as it looks like we are threatening the $1820 level.
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Despite the state of optimism regarding the new COVID variant and risk appetite, gold prices rebounded higher, stable around $1811, near its highest in a month, amid the decline of the US dollar.
Gold markets dropped a bit to kick off the Friday session only to turn around and show signs of strength yet again.
Gold markets have initially fallen on Thursday but found enough support near the 200 day EMA to turn around and go positive for the session.
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Sign up to get the latest market updates and free signals directly to your inbox.The US dollar's gains stopped, which helped gold prices move upwards, stabilizing around the level of $1808 as of this writing.
The gold markets rallied a bit on Wednesday, as we continue to hang around the $1800 level.
Gold prices failed to maintain their recent gains, reaching the resistance level of $1815, then selling off to the support level of $1785, where it has settled as of this writing.