GOLD Analysis - Can Price Fall Below $ 1,800? - Kakiforex | Forex markets for the smart money. GOLD Analysis - Can Price Fall Below $ 1,800? GOLD Analysis - Can Price Fall Below $ 1,800?

February 24, 2021

GOLD Analysis - Can Price Fall Below $ 1,800?

 The momentum of the gold price rise was slightly gloomy on Tuesday's trading as the bullish trend of the price since the beginning of the week slowed back to the $ 1,800 level.

Investors remain wary of the horizontal movement exhibited by the yellow metal despite still optimistic for prices to rise higher this week.

The XAU / USD price chart which measures the value of gold against the US dollar saw the price reach its high of 1815.00 in yesterday's Asian session back to decline to the support level of 1800.00.

The Moving Average 50 (MA50) support level on the movement in the 1 hour time frame also serves as a dynamic support that prevents lower falls.

Investors see a rise in gold prices to be supported by the continued depreciation of the US dollar after Federal Reserve (Fed) Chairman Jerome Powell informed that the central bank will not raise interest rates.

The price increase is expected to test the SBR zone (support become resistance) 1820.00 and the price that successfully passes the zone will continue to rise higher towards the resistance level of 1850.00.

But investors remain wary if the price starts to signal for the gold value to fall to a lower level again.

The RBS zone (resistance become support) at 1785.00 will be the closest focus level before the price tests the support level of 1765.00 if the decline continues.