Gold prices moved flat again near the $ 1900 focus level on continued trading on Tuesday after the rise was shown at the start of trading earlier in the week.
On Monday trading, the price that started trading around the 1900.00 level on the XAU / USD price chart has shown an increase up to the 1918.00 level but came back down after failing to pass the SBR zone (support become resistance) before closing New York session trading around the level 1900.00 back.
This is driven by the change in the value of the US dollar in the market in the uncertainty of the US economic stimulus package discussion with the approaching Presidential election date.
Market concerns again provide a strengthening ground for the US dollar to push prices back on the XAU / USD chart below the Moving Average 50 (MA50) barrier level within the 1-hour time frame of the price movement to signal the beginning of a bearish price trend.
However, the direction of price movements is still unclear as long as the uncertainty of the key factors influencing the market is still plaguing investors.
For the expected decline in the price of gold below the level of 1900.00, the closest support level of the price is seen in 1875.00 which is the RBS zone (resistance become support).
A lower drop will also lead to the support zone around the level of 1850.00.
On the other hand, for the direction of the upward movement, the price that managed to pass the SBR zone 1910.00, the next higher ascending destination is heading to the resistance zone 1930.00 which was achieved in trading last week.
