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At the beginning of this week's trading, gold prices fell sharply to the $1795 support level, its lowest in a week, as the US dollar benefited from the high levels of risk aversion in the financial markets.
The gold markets fluctuated during the trading session on Monday as the 200-day EMA continues to be a bit of a magnet for pricing, so it is not a huge surprise to see that we came back to this level.
Gold futures are on track to capture a three-session winning streak at the close of last week's trading.
The gold markets fell rather hard during the trading session on Friday as money continues to flow into the bond market in America.
Gold markets have been all over the place during the place during the trading session on Thursday but have gone back and forth to show signs of hesitation at this point.
Gold prices continued to rise despite the level of the US dollar, pushing the bulls to the resistance level of 1833 dollars an ounce, the highest price in a month.
The gold markets rallied quite significantly on Wednesday to break above the 50-day EMA as Jerome Powell testified in front of Congress.
After the announcement of stronger than expected results of US inflation figures, the price of an ounce of gold fell to the level of 1798 dollars.
The gold markets continue to chop back and forth, as nobody really has a grasp on what to do next.
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The US dollar gave up some of its gains, giving the price of an ounce of gold the opportunity to correct upwards, and the price of gold settles around the level of 1813 dollars an ounce at the time of writing the analysis.
Gold has seen a solid trend higher emerge in July, but after achieving a high of nearly 1818.00 on the 8th, it has become choppy.
The gold markets were all over the place during the trading session on Monday, initially falling rather hard, but then turned around to form a bit of a hammer by the end of the day.
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Sign up to get the latest market updates and free signals directly to your inbox.The US dollar’s gains and fears of the rapid spread of the Corona Delta variable have ended.
The gold markets initially pulled back during the trading session on Friday but found buyers underneath the turn the market back around.
Gold markets initially tried to rally during the course of the trading session on Thursday to reach towards the 50 day EMA.