The strengthening of the US dollar in the New York session yesterday due to risky market sentiment has pushed the price of gold to lower again below the $ 1900 level.
If you look at the price movement on the XAU / USD chart, the price did not pass the high level of 1925.00 yesterday and also the barrier level of Moving Average 50 (MA50) on the 1 hour price movement before the significant price decline is displayed.
Prices fell below the key level of 1900.00 reaching the daily lows around 1886.00 before flat closing the New York session.
Continuing with today's trading session, the price is still flat and the rise shown at the beginning of the European session saw the price re-test the 1900.00 level but failed to break through.
The decline is expected to return to the support level of 1875.00 which is in the RBS zone (resistance become support).
A lower downtrend is seen heading into the support zone at 1850.00 if the US dollar remains strong.
On the other hand, if the US dollar weakens again it will make room for the price of gold to rise slightly again likely to lead to the high level reached by yesterday's price.
Next, the high level of 1938.00 will be the target of the next destination on the continuous increase for the price to test the SBR zone (support become resistance).
Monitor the factors that influence market sentiment which will also affect the current gold price movement.
