GOLD Analysis – Gold Continues to Struggle to Break the $2,030 Barrier
Not showing any significant movement, however, investors were jittery as gold prices showed a slight decline as the focus turned to the FOMC meeting minutes report.Fortunately, the strengthening of the US dollar did not continue, making the price of gold recover to resume trading today.Gold price movements however are still seen hovering at the important $2,030 zone these days as investors await the latest indications.Investors continue to watch the movement on the XAU/USD chart which measures the value of gold against the US dollar heading into the end of the week.Still signaling a continuation of the bullish movement, the price moved above the Moving Average 50 (MA50) support level on the 1-hour time frame of the chart after also testing it when the FOMC minutes report was published.The price's slow climbing pattern was shown today (Thursday) slightly above the 2030.00 level at the beginning of the European session.The successful positive price increase continues until the following sessions are expected to touch the concentration level at 2050.00.The last time the price traded at that level was in early February after the price had collapsed in recent weeks.Investors will be prepared for the risk of a price drop if the movement starts to play below the 2030.00 zone again as a warning sign.After there are factors that pressure the price of gold to fall lower, the closest target for the target price is at the level of 2000.00.
Not showing any significant movement, however, investors were jittery as gold prices showed a slight decline as the focus turned to the FOMC meeting minutes report.
Fortunately, the strengthening of the US dollar did not continue, making the price of gold recover to resume trading today.
Gold price movements however are still seen hovering at the important $2,030 zone these days as investors await the latest indications.
Investors continue to watch the movement on the XAU/USD chart which measures the value of gold against the US dollar heading into the end of the week.
Still signaling a continuation of the bullish movement, the price moved above the Moving Average 50 (MA50) support level on the 1-hour time frame of the chart after also testing it when the FOMC minutes report was published.
The price's slow climbing pattern was shown today (Thursday) slightly above the 2030.00 level at the beginning of the European session.
The successful positive price increase continues until the following sessions are expected to touch the concentration level at 2050.00.
The last time the price traded at that level was in early February after the price had collapsed in recent weeks.
Investors will be prepared for the risk of a price drop if the movement starts to play below the 2030.00 zone again as a warning sign.
After there are factors that pressure the price of gold to fall lower, the closest target for the target price is at the level of 2000.00.
