1408 / 5000
Translation results
Gold trading gave investors an initial shock at the opening of the Asian session this morning with a solid push to the latest low almost reaching the $ 1,800 level.
However, the price jumped again over 350 pips as shown on the XAU / USD price chart which measures the value of gold against the US dollar in the market.
The price is still moving below the resistance level of 1850.00 after the price jump since last weekend signaled a bearish price trend.
The price increase in the Asian session today was also seen testing the Moving Average 50 (MA50) barrier level within the 1 hour time frame of the price movement and exhibiting a weak decline in the European session.
Possibly more aggressive price movements in the New York session with investor reactions to the US dollar that affected the current value of gold.
The US dollar is seen to be back in demand in the market since last weekend changed against previous weak sentiment.
If market sentiment earlier this week remains in support of the US dollar, gold prices will fall lower heading back to the 1800.00 price zone to record the latest 1-month low.
However, if the price manages to soar again, the resistance levels at 1850.00 and 1875.00 will be tested before giving a signal of a change in the upward trend.
Next the price will be driven higher heading back to the focus price zone at 1900.00.
