The price movement on the XAU / USD chart which measures the value of gold against the US dollar is seen to be flat but shows a slow uptrend pattern.
Previously since last weekend, prices have shown a significant fall following the strengthening of the US dollar has put pressure on gold trading.
However, after the decline of up to 1,400 pips, the price momentum began to gloom and rebounded from the support level of 1820.00.
Since the beginning of this week, the price is seen hovering around the 1850.00 level and is above that level on Wednesday trading.
Prices have also begun to move above the Moving Average 50 (MA50) support level within the 1-hour time frame of a price movement that is likely to signal a resurgence in gold prices.
Rising prices will be driven by the depreciation of the US dollar in markets affected by US economic stimulus package sentiment. A statement by Joe Biden on Thursday will be the focus.
If the price manages to continue rising higher, the resistance level at 1875.00 will be tested before the price leads to the focus level of 1900.00.
However, if the price falls again lower, the support level of 1820.00 will try to break before lowering to the important level of 1800.00.
