The XAU / USD price chart, which strengthened the price of gold against the US dollar, continued to show a decline until trading on Thursday since the price plunged earlier in the week.
Risk market sentiment has been a major factor in the significant strengthening of the US dollar throughout the week, which has also put pressure on gold despite its status as a safe-haven asset.
With the bearish trend pattern on the movement below the Moving Average 50 (MA50) barrier level in the 1 hour timeframe, the price has made a decline below the 1900.00 level yesterday.
Yesterday's daily low hit the 1856.00 level until the end of the New York trading session.
On continued trading in the Asian session this morning, the price made a weak rise at the beginning of the session but did not cross the 1870.00 level before falling lower again.
If it continues, the price of gold can return to the 1800.00 price level. The level was successfully broken during last July's trading until the price hike reached the all-time high of gold above 2000.00 in early August.
Can the price drop to the level of 1800.00 or even lower?
If there is a change in sentiment that makes the US dollar weak again, the price is likely to jump back to around 1900.00.
