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The gold market initially fell during the trading session on Tuesday but found plenty of buyers to turn things around in order to form a bit of a hammer.
The sharp decline of the US dollar was a strong impetus for the price of gold to move to the level of $1845, its highest in three months.
Gold markets did very little during the trading session on Monday as they are testing a downtrend line that started at the very top of the market several months ago.
The bulls succeeded in pushing the gold price to the resistance level of $1843 by the end of last week's trading, a 3-month high, and settled at the beginning of this week's trading around $1830.
Gold markets rallied a bit during the trading session on Friday to reach towards the $1850 level before pulling back a bit in reaction to the jobs figure that was so poor.
Gold markets rallied rather significantly during the course of the trading session on Thursday to break above the 200 day EMA.
Gold seems to be capitalizing on the fear surrounding India's dire COVID situation and the potential fallout, which may hinder global economic recovery.
The gold markets initially pulled back during the trading session on Wednesday to test the 50-day EMA, only to turn around and start rallying again as we have seen multiple times over the last couple of weeks.
The bulls succeeded in pushing the gold price to the level of $1799 dollars, one step away from the psychological resistance of $1800.
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The gold markets initially tried to rally during the trading session on Tuesday but could not break above the $1800 level.
With the beginning of May’s trading, gold futures rose, supported by the weak Treasury market and the weakening of the US dollar.
The gold market rallied significantly during the trading session on Monday to kick off the week, reaching towards the 200-day EMA and even breaking above it at one point.
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Sign up to get the latest market updates and free signals directly to your inbox.Gold’s weak attempts to rebound higher during last week's trading did not exceed the $1790 resistance level, and last Thursday's session was disastrous.
Gold markets fell slightly during the trading session on Friday but remain cognizant of the 50-day EMA sitting just below.
Gold markets initially tried to rally during the course of the trading session on Thursday but failed to continue going higher at the 200 day EMA as it continues to be quite resistive.