Alp Kocak has been trading Forex since 2003. He writes technical analysis based on Japanese candlesticks and Ichimoku Kinko Hyo. Alp is a senior educator at FXAcademy.com, and in this capacity, he contributes valuable analysis to multiple Forex websites including FXStreet, Market Oracle and Forex Crunch.
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Gold markets fell slightly during the trading session on Tuesday to kick off trading, reaching down towards the $1307 level.
Gold markets were contained within the trading range that we have been in for some time during the day on Thursday, as we see the markets look for some type of direction, mainly from the US dollar if history is any indication.
Gold markets have gone back and forth during the trading session again on Tuesday, as we are stuck between a couple of major areas.
Gold markets tried to rally again to kick off the week on Monday, but as you can see, we have given back a bit of the gains.
Gold prices ended the week up $1.96 at $1287.48 an ounce, recoding a fourth consecutive weekly gain.
Gold prices fell $7.39 an ounce on Thursday as rising stock prices dented the appeal of the safe-haven metal.
Gold prices ended Wednesday’s session up $7.93 an ounce as the U.S. dollar extended losses following the release of the minutes from the Federal Reserve’s December meeting.
Gold prices are in a bearish correction for 4 days in a row, reaching to $1279 an ounce, with the return of trader’s optimism towards the possibility of a trade agreement between the USA and China.
Gold prices rose $3.43 an ounce on Monday as investors bet that the Federal Reserve will not raise interest rates this year if economic growth slows further.
Gold prices ended Friday’s session down $9.09 an ounce as the dollar rose in the wake of U.S. non-farm payrolls data for December, which suggested the economy maintained strong momentum at the end of 2018.