GOLD Analysis – Gold Plunges Deep Before Rising Again To The $2,000 Level!

 Gold prices showed a sharp drop on Wednesday yesterday to a 2-week low of around $1,970.This gave a great blow to investors who had previously expected the price of gold to be able to survive above the $2,000 level.The uncertain situation of the market added to the anxiety of investors with the re-strengthening of the US dollar yesterday, which was supported by the increase in the yield of the United States (US) treasury, giving a bad impression to gold trading.On the XAU/USD price chart, which measures the value of gold against the US dollar, the price was initially slow in the Asian session around 2005.00 and then fell below the 2000.00 level and reached 1970.00 in the European session.The turmoil did not end there as the price of gold then bounced back towards the 2000.00 level in New York session trading.After testing the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the XAU/USD chart continuing into the Asian session this morning (Thursday), the price of gold finally managed to cross it and touch the 2000.00 level again in the European session this afternoon.However, movement remains slow and investors are still cautiously awaiting more clear indications of further price movements.If the price manages to jump higher than the 2000.00 level, the price trend for gold will look more bullish and will head towards around 2030.00.Next, last week's high level at 2048.00 will be challenged before the price of gold records a new high level.On the other hand, if the price fails to stay above the 2000.00 level and instead bounces back down, it will be an early signal for yesterday's decline to continue today.If the decline passes the level reached yesterday around 1970.00, the price of gold is seen to be heading towards the concentration zone at 1950.00.