Adding to the anxiety of investors, the price of gold last weekend recorded a recent fall below the $ 1,800 level.
For last week's trading, it could be seen that the gold price traded flat above the $ 1,800 level throughout the week after the price dropped testing the support level earlier in the week.
However, the decline on Friday penetrated that important level has given anxiety to investors with the expectation that the downtrend will continue this week.
The positive development of vaccine testing by some vaccine developer companies has been a factor in driving investors to release safe-haven asset holdings and move towards higher return assets.
The XAU / USD price chart, which measures the price of gold against the US dollar, saw the price continue to decline at the start of trading this week above the lowest level reached last Friday at around 1774.00.
The Asian session today saw the price continue to decline to the level of around 1764.00 recording the latest low since last July.
The price decline is seen to try to break through the RBS zone (resistance become support) 1760.00 before continuing the decline.
The expected price focus destination on the next decline is around 1700.00.
If the price makes an increase, the level of 1800.00 will be re-tested which forms the latest SBR (support become resistance) zone.
The Moving Average 50 (MA50) barrier level in the 1 hour timeframe will also be tested before the price that exceeds that level will signal a bullish trend again.
