The gold price movement is still flat but on Wednesday trading, the price moved to the lower price zone.
The XAU / USD price chart, which measures the value of gold against the US dollar on Tuesday, was flat above the support level of 1850.00 and was seen failing to move above the Moving Average 50 (MA50) barrier during the 1 hour time frame.
The bearish price trend continues today with a slight drop below the 1850.00 level.
Finding support levels around 1843.00 in the Asian session, the price pulled back to the 1850.00 level but saw pressure for prices to fall again in the European session.
If the trend continues, the price is likely to test the support level last Friday around 1840.00 before heading to the focus zone of 1820.00.
A lower decline is seen to return to the important zone of 1800.00 which was previously the focus of investors.
However, if the US dollar continues to depreciate until the FOMC meeting, prices are likely to move higher to break the downtrend since last week.
The price increase will test the resistance level of 1875.00 in the SBR zone (support become resistance).
Next, the focus height level at 1900.00 became the destination for higher price increases.
