Investors' hopes for gold prices continued to soar at last weekend's trading melted when gold prices showed a reversal to close last week's trading around $ 1900.
As it continues at the start of trading this week, prices are still showing bearish patterns under pressure by the resurgence of the US dollar in the market.
Demand for the US dollar as a safe-haven has risen again as investors are seen switching to safer assets with a number of factors adding to investors' concerns.
Among them is a significant increase in cases of Coronavirus infection, especially in the United States (US) as well as a significant increase in Europe.
The appreciation of the US dollar has pushed the gold price to move under pressure with a move below the Moving Average 50 (MA50) barrier level which signals a bearish trend on the XAU / USD price chart.
However, the direction of price movement is still unclear while the price is still hovering around the level of 1900.00 until the European session today.
If the price fails to rise higher above the dynamic barrier of MA50, a lower decline in the price is expected to reach the support level of 1875.00.
On the other hand, if the price of gold makes an increase, the SBR zone (support become resistance) 1910.00 will be tested again to continue the rise to a higher level.
Next, the resistance zone around 1930.00 will return to focus again after being tested for 2 consecutive weeks.
