The rise in gold prices previously shown is losing momentum after reaching the high of $ 1,875 in trading yesterday.
Since last week, the trend of rising gold price has started from the support zone 1764.00 as shown on the XAU / USD price chart.
Passing the resistance levels at 1800.00 and 1850.00 gives investors confidence that the price of gold will continue to soar.
However, the bullish momentum was hindered at the resistance level of 1875.00 before the price showed a decline again in the Asian session this morning.
The Moving Average 50 (MA50) support level on the 1 hour time frame is still being tested and will give an early signal of further gold price movement.
A further drop below the 1850.00 level will push the price down further towards the focus again at 1800.00.
On the other hand if the price manages to soar and breaks the resistance of 1875.00, the high level of 1900.00 is seen as a destination of focus on the continued rise.
Investors are still wary of safe-haven trading influenced by market sentiment with the development of vaccine issues, Brexit, US-China relations and US economic stimulus packages constantly monitored.
