The focus is on Janet Yellen who is the candidate for Secretary of the Treasury of the United States (US) for evidence on Capitol Hill today regarding the Covid-19 aid package seen to drive the market including influencing gold trading.
The sentiment that affected the value of the US dollar will also affect the current change in the value of gold in the market.
On the XAU / USD price chart which measures the value of gold against the US dollar, the price rose again from a low of almost 1800.00 on the initial fall in the market opening session earlier in the week.
After the resurgence of the uptrend, prices crawled slowly until trading resumed in today's Asian session.
After passing the Moving Average 50 (MA50) barrier level on the 1 hour price movement, the price continues to rise to the resistance level of 1850.00.
Beyond that level will give a bullish trend signal to investors which will push the target of higher gold price towards the resistance of 1850.00.
Next, the level of focus on higher up will be seen in the 1900.00 zone for investors to evaluate the price reaction before determining the direction of further price movements.
However, if the decline occurs again, the support level at 1800.00 will definitely be the main focus of the price.
The price of gold fell lower below that level at the end of November last year, but the price managed to soar to above the level of 1900.00 continued in early January trading.
