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Gold markets have done very little during the trading session on Wednesday, which is not a huge surprise considering it was Juneteenth in the United States.
Gold prices are hovering around $2330 an ounce today, Wednesday, after slipping in the previous session.
At the start of trading this week, gold futures slipped, supported by rising US Treasury yields.
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The gold market fell a bit during the early hours on Monday but has since turned around to show signs of strength.
Throughout last week's trading, gold prices have been struggling to recover from their recent losses, which reached the support level of $2,286 per ounce.
Gold rallied nicely during the Friday session from the crucial $2,300 level.
Gold price maintains its gains above $2,340 an ounce, extending its recovery from over a month low of $2,290 an ounce.
Gold has launched higher during the trading session on Wednesday, and CPI numbers in the United States came out a little bit lower than anticipated.
As expected, gold prices have been trading in a narrow range with a downward bias, settling around $2315 per ounce pending the reaction to key US data and event
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Stay updated on gold's support levels and potential entry points as the market navigates ahead of the FOMC meeting. Gain insights into market sentiment surrounding gold's resilience amid recent turbulence and its attractiveness to buyers amidst geopolitical tensions and central bank actions. Explore key support levels, including the crucial $2,280 level, and potential market reactions following the FOMC meeting. Despite near-term volatility, consider opportunities for value buying while remaining cautious of potential surprises in reaction to market events.
Gold prices had risen 12% since the beginning of the year and were up nearly 18% over the past 12 months.
Gold futures plunged at the end of the first trading week of June, supported by a hotter-than-expected U.S. jobs report that pushed up U.S. Treasury yields and the U.S. dollar.
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Sign up to get the latest market updates and free signals directly to your inbox.Gold has gotten absolutely pummeled on Friday after the jobs report came out hotter than anticipated.
Gold prices have returned to the $2355 resistance level despite a steady US dollar ahead of the May US jobs report due later this week.
Gold markets rallied a bit during the early hours on Wednesday.