Market sentiment is seen to be recovering today influenced by the main issues in focus, namely Brexit negotiations and the United States (US) economic stimulus package.
Hopes for Brexit negotiations reached today have boosted investor confidence even in a cautious tone. The official results of the negotiations are awaited.
Meanwhile, the development of the Covid-19 aid package in the US, which Donald Trump previously disliked to be signed, is reportedly getting better when lawmakers are said to have agreed to increase the value of aid that Trump criticized so low.
Changes in the US dollar trading value in the market also affect the movement of the gold price on the XAU / USD price chart.
The price seen trying to make a decline yesterday was just testing the weekly support level around 1857.00 before rebounding at the beginning of the New York session to the focus level of 1875.00.
The price has also passed the Moving Average 50 (MA50) barrier level over the 1 hour time frame which signals an uptrend for the gold price.
However, the continued increase in Thursday's trading has been slow since the Asian session began hovering above the 1875.00 level.
If the price increase continues, the resistance zone 1900.00 will be tested again after being achieved earlier this week.
However, if the price falls again, the weekly support level and also the RBS zone (resistance become support) 1850.00 will be the focus of the price.
A lower decline in the price of gold is likely to push towards the previous focus level of 1800.00.
