Certainly many investors are disappointed to see the price of gold plummet especially at the New York market session yesterday.
The strengthening of the US dollar continues to put pressure on gold trading in the market with a decline still seen in today's European session.
As shown on the XAU / USD price chart which measures the value of gold against the US dollar, the price has plunged to its latest low in the New York session reaching around 1830.00.
The aggressive decline in the value of gold also recorded a daily drop of up to over 300 pips!
Until the end of the New York session and continued in the Asian session this morning, prices rose slightly again but at a weak pace.
However, prices are seen to have continued to decline until further trading in the European session this afternoon.
The 1830.00 level reached yesterday will be broken if the price maintains a decline in the bearish trend.
Next the price support zone is seen around 1820.00 before the price towards the main focus level at 1800.00.
On the other hand if the price manages to soar again, the price concentration level is seen at the resistance of 1850.00 for the price to signal a reversal of the bullish trend.
The continued strengthening of the US dollar affected by current market sentiment is seen to continue to put pressure on gold trading throughout the week.
