The price of gold began to show a decline in trading earlier in the week making investors wonder about the atmosphere in the market.
The main factor affecting the more active movement of prices in the European session was following the strengthening of the US dollar with market sentiment still seen as risky.
Risk in the market was exacerbated by tensions between the United States (US) and China after Google and Apple were instructed to remove TikTok and WeChat applications from their respective platforms.
The more significant strengthening of the US dollar overcame the strengthening of gold which also gained an advantage in a risky market environment.
On the XAU / USD price chart, the gold price rose in the Asian session on a slow-motion but failed to reach a high last Friday before the decline in the European session.
The price has moved above the support level of Moving Average 50 (MA50) in the 1 hour time frame and is trying to cross the support level around 1938.00.
The support level was also tested a few weeks ago which is the RBS (resistance become support) zone.
A lower decline in the price of gold is likely to return to the focus level at 1900.00.
On the other hand, if prices rise again, the level of focus is seen in 1975.00 which is a resistance zone that failed to break last week.
Monitor current market sentiment as well as changes in the value of the US dollar in the market affecting the movement of gold prices.
