Gold markets hesitated on Friday, as we were very choppy and essentially nowhere by the end of the day.
Gold markets have rallied significantly during the trading session on Thursday to break well above the $1950 level.
Despite the strength of the US dollar, gold prices rose to the resistance level of 1945 dollars an ounce and is stable around it at the time of writing the analysis.
Gold markets rallied a bit on Wednesday to show signs of life as we have broken above the $1930 level.
Gold futures quickly ignored Federal Reserve Chair Jerome Powell's comments on inflation.
The gold markets fell a bit on Tuesday to pierce the support region that I have marked on the chart.
The price of gold remained in a state of stability, heading to the upside, despite more hawkish hints by US Central Bank Governor Jerome Powell towards the future of raising US interest rates during 2022.
Gold markets rallied a bit on Monday but gave up some of the gains as we continue to see a lot of noisy behavior just above the $1920 level.
By the end of last week's trading, gold futures contracts declined, leading to a noticeable weekly loss for the precious metal.
The gold markets have rallied rather significantly during the trading session on Thursday as we gapped higher and then went looking to reach the $1950 level.
For five trading sessions in a row, gold prices are falling amid profit-taking sales.
Gold markets plunged quite drastically again on Tuesday to break through the $1920 level before finding buyers again.
Gold continued to decline after bond yields rose ahead of the key Federal Reserve meeting where policy makers are set to raise US interest rates.
Gold markets fell again on Monday to reach towards the $1950 level in the futures market.
Gold prices fell below the historic psychological high of $2000, ending the tumultuous trading week.