Good news for gold investors when prices have started to rise above the $ 1,800 level again this week.
The XAU / USD price chart which measures the value of gold against the US dollar has seen the price continue to rise after rising from the support level of 1765.00 last Friday.
This price increase has given relief to investors after investors saw the gold price decline for the previous 2 weeks in a row.
Prices have soared above the Moving Average 50 (MA50) support level over the 1-hour time frame giving a clear signal for the strengthening of the gold value earlier this week.
As expected in the previous analysis, the price that managed to pass the level of 1800.00 has reached the SBR zone (support become resistance) 1820.00.
Tuesday's trading was slower after the uptrend in the Asian session was unsuccessful with the price decline at the beginning of the European session.
A higher price increase is expected to pass the SBR zone 1820.00 to head back to the resistance level of 1850.00.
However, if the price fails to maintain the bullish momentum, the price may fall below the level of 1800.00.
A drop below that level will push the price back to the previous focus zone as in the RBS zone (resistance become support) 1785.00 and support 1765.00.
