The price of gold is still slowing around the $ 1900 level with uncertainty continuing to hit the market which also affects the value of the precious metal.
Particularly influenced by the trading value of the US dollar, the development of the United States (US) economic stimulus package remains the main focus of investors.
If you look at the movement of the gold price on the XAU / USD chart, the price showed a significant decline on Tuesday but rose again above the level of 1900.00 and tested the dynamic barrier level of Moving Average 50 (MA50) within the 1 hour time frame of the price movement.
In today's trading (Thursday), the price of gold moved below the level of 1900.00 after the price failed to continue to a higher level when it did not pass the level of 1900.00.
Market sentiment that is still at risk with several factors such as vaccine development as well as the risk of strained US-China trade ties will support US dollar trading and also depress gold prices.
If the 1900.00 level fails to pass today, a lower price drop will be expected up to the 1875.00 level for the price to test the RBS zone (resistance become support).
The next lower decline will lead to the support zone around 1850.00.
On the other hand, if the price manages to jump above the 1900.00 level, the SBR (support become resistance) zone around 1910.00 will be tested before the price continues to rise to test the weekly high level around 1930.00
