Gold markets rallied rather significantly during the course of the trading session on Thursday to break above the 200 day EMA.
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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.
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The bulls succeeded in pushing the gold price to the level of $1799 dollars, one step away from the psychological resistance of $1800.
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.
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.
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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.
The US dollar retreated after the Federal Reserve announced its monetary policy decision, which contributed to the price of gold rebounding up to the resistance level of $1788 as of this writing.
Gold markets initially fell during the trading session on Wednesday to reach down towards the 50-day EMA.
The price of gold is expected to continue to move in a limited range until the reaction of the dollar to the Federal Reserve’s monetary policy decisions and the statements of Chairman Jerome Powell.
The gold market fluctuated during the trading session on Tuesday again, as we are stuck between the 50-day EMA underneath and the 200-day EMA to the upside.