Examining the movement of the gold price in the market on the XAU / USD price chart, the price rise was seen earlier in the week after the rise started from the support level of $ 1850.00.
The price continued to trade on yesterday before the closing price of the New York session traded close to 1900.00.
However, continuing trading in the Asian session today, the price again showed a decline from the level of 1900.00 which is seen as the SBR zone (support become resistance).
The decline was seen to be driven by the strengthening of the US dollar following the end of the first debate between Donald Trump and Joe Biden.
During the debate, the market did not react but the US dollar began to show re-strengthening after the event.
The price on the XAU / USD chart is seen to go down and will test the Moving Average 50 (MA50) support level on the 1 hour price movement.
If the price falls below that level, the decline is expected to return to the support level of 1850.00
Further declines are expected to reach the focus support level at 1800.00 after the gold price crossed that level in July trading.
On the other hand, if the price manages to continue the series of price increases from the beginning of this week, the price will cross the level of 1900.00 again.
The next increase is expected to be around 1938.00 in the SBR zone (support become resistance) before reaching the focus level of 1950.00.
