Gold trading closed for November with poor performance after recording its latest low since last July.
The continued depreciation of the US dollar in the market has supported the rise in gold prices to start trading in early December with a right-of-way.
On the XAU / USD price chart which measures the price of gold against the US dollar has shown a reversal towards the level of 1800.00 in the SBR zone (support become resistance).
Prices that have risen above the Moving Average 50 (MA50) barrier level in the 1 hour time frame of price movement also signal a change in the bullish trend.
But it is still early to determine the upward trend has started until the price passes the SBR zone 1800.00.
The next increase will lead to the previous SBR zone higher at 1850.00.
On the other hand, if the price continues to decline last week, the support level of 1760.00 will be tested first to continue the decline.
Passing the zone will push the price to the previous focus level around 1700.00 to record the latest low of 6 months.
Investors will continue to monitor current market sentiment influenced by vaccine developments which will drive the movement of gold prices in the market.
