The gold price movement earlier this week was seen slowing and flattening around the $ 1,780 price level after the bullish momentum started to slow last week.
It can be observed that the price movement on the XAU/USD chart which measures the value of gold against the US dollar still failed to jump past the resistance level of 1800.00.
The declining gold price situation will disappoint investors again this week who failed to meet expectations to record the latest highs.
However, the weak movement of the US dollar at the beginning of the week is likely to give room for gold prices to record an increase.
Investors will be vigilant ahead of the FOMC meeting early Thursday morning while also focusing on US economic growth data for the first quarter of this year.
Investors are still waiting for clearer signals for price movements hovering around the Moving Average 50 (MA50) barrier level on the 1 -hour time frame.
The decline is seen to test the RBS (resistance become support) zone of 1765.00 which is seen as an important level to support the rebound.
However, if the price falls lower, the movement on the bearish trend will lead to the previous focus levels of 1745.00 and 1720.00 and potentially reach back up to the support zone of 1700.00.
If the price manages to jump past the resistance of 1800.00, the price of gold will record the latest high of 9 weeks towards the level around 1815.00 or higher.
