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Gold touched the $2685 level on Wednesday, an area that previously was the swing high and the all-time high in the market, but it did retreat from there.
Gold prices surged to around $2,685 per ounce today, Thursday, trading at record highs, as dovish expectations from major global central banks and a slight
Gold prices continued their losses on Tuesday, falling to the support level of $2,638 per ounce, as the US dollar strengthened against a basket of major currencies, impacting demand for the precious metal.
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Gold markets initially pulled back just a bit during the trading session on Tuesday, but then turned around to show signs of life as we continue to see a lot of volatility and concerns in financial markets around the world.
At the beginning of this week's trading, the price of gold jumped to the resistance level of $ 2,666 per ounce, as geopolitical tensions in the Middle East region increased.
Gold futures rose at the end of last week, benefiting from a weaker US dollar and lower Treasury yields.
Gold has rallied again during the trading session here on Friday, but we are getting fairly close to some significant resistance, and it's probably worth noting that we shot straight up in the air over the last two days.
During my daily analysis of the gold market, I continue to look at the upward trajectory as being important, and the market pulling back to the $2600 level is being met by quite a few buyers.
Gold prices fell for the sixth consecutive session to below $2,606 per ounce on Wednesday, the lowest level in about three weeks, under pressure from the strength of the US dollar as traders bet that the US Federal Reserve will not act quickly to cut interest rates as previously thought.
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During my daily analysis of the gold market, the first thing I see is that we continue to look at the $2600 level as a massive support level.
The gold price has retreated to the support level of $2605 per ounce, its lowest in two weeks, declining for the fifth consecutive session.
The first thing I see is that we have in fact plunged.
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Sign up to get the latest market updates and free signals directly to your inbox.Gold price recorded its first weekly loss after trading in the green for three consecutive weeks.
The market is likely to continue to see a lot of volatility from what I see, and at this point in time I think we’ve got a situation where traders will have to look at this through the possibility of trying to find value wherever we can.
At the beginning of this week, the price of gold retreated to below $2,642 per ounce, continuing its decline from record highs in the wake of indicators of a strong US Labor market, which reduced the likelihood of the Federal Reserve continuing to aggressively cut US interest rates.