Still not disappointing for investors, the price of gold continued to rise on the third day in a row back from the lowest price hit earlier in the week.
On Monday, the gold price movement on the XAU / USD chart was seen to reach the level of around 1764.00 to close November trading at the lowest level since last July.
But on Tuesday, prices started trading for December with a bullish pattern before the trend continued until the weekend.
After the price rises above the level of 1800.00 again, the price is seen heading to the level of 1850.00 to test the SBR zone (support become resistance).
The bullish momentum is still maintained supported by price movements above the Moving Average 50 (MA50) support level over the 1 hour time frame signaling a bullish trend.
Market risk-on sentiment continued to weaken US dollar trading throughout the week giving room for rising gold prices.
With expectations for the US dollar remaining weak ahead of the US NFP employment report on Friday, gold prices remain expected to rise.
This will increase the confidence of investors to see the price of gold increase to the level around 1875.00 after successfully passing the RBS zone 1850.00 first.
However, if the RBS zone fails to penetrate, investors will be wary of a bearish situation in the weekend trading in addition to the possibility of profit-taking activities.
The downgrade of the gold price is seen to return to the focus level of 1800.00 and the price reaction in the zone will be evaluated by investors for further movement signals.
