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.
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.
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.
For the sixth consecutive day, the price of an ounce of gold is recovering.
The gold markets reached towards the 200-day EMA again on Wednesday, as the US dollar took a hit after the FOMC Meeting Minutes were released.
The return from the American holiday contributed to the movement and activity of the markets.
Gold markets gapped higher to kick off the trading session on Tuesday as traders came back from the Independence Day extended weekend, and then sent gold all the way to the 50-day EMA near the $1816 level.
The sharp gains of the US dollar stopped due to expectations of an imminent date of raising US interest rates, which contributed to an upward rebound in the price of gold.
Gold markets gapped higher to kick off the trading session on Monday, reaching towards the $1800 level.
For three trading sessions in a row, the price of gold returns to its highest level in a week, reaching the resistance level of 1795 dollars an ounce