After selling off due to the recovery of the US dollar, the gold price fell to the support level of $1778, but with the emergence of the new variant from South Africa, European countries re-imposed restrictions, despite the strong vaccination rate.
Gold markets initially rallied on Friday but gave back gains as the World Health Organization held an emergency meeting due to the South African COVID variant.
Gold markets were very quiet during the trading session on Thursday, as one would expect due to the Thanksgiving holiday in America.
Gold prices closed slightly higher after a four-session decline, despite the rise of the US dollar and a group of US economic reports that were mostly positive.
Gold markets went back and forth on Wednesday as we have finally seen stabilization in a market that has been absolutely crushed over the last couple of sessions.
For the third consecutive day, gold showed strong bearish momentum, which pushed it to the $1782 support level, a 3-week low, before settling around $1796 as of this writing.
The gold markets broke down significantly on Tuesday as we have broken down below the 200-day EMA quite significantly.
Gold is about to collapse as the US dollar rises, with Federal Reserve Chairman Jerome Powell getting another term as head of the world's most powerful financial institution.
Gold markets got absolutely hammered on Monday to reach down towards the 50-day EMA at the $1807 level.
The US dollar recovered with the end of last week's trading, leading to the selling of gold, which moved to the $1843 support level before closing around $1846.
Gold markets initially tried to rally on Friday but gave back some of the gains to dip just below the $1850 level.
Gold markets have fallen on Thursday but remain within the basic consolidation area that we had been in for a while.
For the second day in a row, gold is stabilizing around $1870 after recent sell-offs that pushed the price of gold to $1850 in this week's trading.
Gold markets rallied significantly on Wednesday as we continue to see a lot of bullish momentum.
Gold declined from the resistance level of $1878 yesterday, its highest in five months, before it reached the $1849 support and settled around the $1857 level as of this writing.