Investor concerns over expectations for gold fell sharply yesterday when the yellow metal slipped back below the $ 1,800 ounce price.
The XAU / USD price chart measuring the value of gold against the US dollar saw a drop in prices at the start of the New York session yesterday following the temporary strengthening of the US dollar.
The strengthening of the US dollar has pushed gold prices to fall below 1800 again driven by an increase in US treasury yields.
But the price rose again after the decline testing the RBS zone (resistance become support) 1785.00.
The price is hovering around the 1800.00 level but still gives a bearish trend signal when it remains below the Moving Average 50 (MA50) barrier level within the 1 hour time frame of the price movement on the XAU / USD chart.
Continuing on Thursday's trading, the price movement slowed in the Asian session before the decline continued in the European session to head back to the RBS 1875.00 zone tested yesterday.
A further lower decline is expected to lead to the price support zone at 1765.00 tested last week.
Prices need to soar above the 1800.00 level to give investors confidence for an increase in the price of gold.
If the price manages to cross the 1800.00 level again, the continued price increase will be seen heading to the SBR zone (support become resistance) 1820.00 before the higher rise will reach the 1850.00 level again.
