Trading on Wednesday since the start of the Asian session began driven by US US (US) election sentiment affecting the US dollar.
The change in the value of the US dollar also affected other major currencies including commodities such as gold.
As examined on the XAU / USD price chart which measures the price of gold against the US dollar, the price showed a decline in the Asian session following the temporary strengthening of the US dollar when representatives from the Republican Party were seen ahead of the vote count.
However, the current results seen again tend to favor Democrats even though the vote has not been completed and will continue tomorrow.
But for now the US dollar is trading lower again and helping gold prices rise again in the European session.
Investors are still seeing the trend of rising gold prices will continue after the opening of the trading session earlier this week which is also the opening of new year trading seeing the price move above the level of 1900.00.
Prices are moving more flat towards the weekend compared to the energetic spike on Monday.
Analysts expect the gold price hike to potentially hit the 2000.00 level again as it first did last year.
But beware if the price of gold falls again below the support level of 1938.00.
The trend change will push the price down to re-test the 1900.00 level in the RBS zone (resistance become support) before investors evaluate the price reaction in that zone.
