The precious yellow metal trade moved slowly over the weekend after rising slightly against Thursday's decline.
The price of gold in the Asian session yesterday dropped to the support level of 1938.00 on the XAU / USD chart and still failed to break that level after being tested in the next session.
The price increase in the trade that continued in the Asian session this morning saw the price rise test the Moving Average 50 (MA50) barrier level in the 1-hour time frame also in the SBR zone (support become resistance) around 1953.00.
The depreciation factor of the US dollar in the market stifled the decline in gold prices to fall to a lower level.
Market sentiment recovered slightly with positive reports on vaccines expected to be available in October.
However, several other issues need to be monitored to assess market sentiments such as issues involving the United States (US) and China, the global oil market, the Covid-19 pandemic case rate, and others that could affect gold price fluctuations.
The price decline will again test the support level of 1938.00 and if it manages to pass that level, the support zone of 1900.00 will be the focus again.
On the other hand, if the price continues to rise, the price is likely to reach the high of 1975.00 which is the price resistance level.
If the price remains high, investors want to see the price reaction after reaching the level of 2000.00.
