The XAU/USD price chart, which measures the value of gold against the US dollar, saw the precious yellow metal move steadily this week.
Gold prices have shown an increase since last week following the depreciation of the US dollar in the market following a decline in US treasury yields previously.
After jumping from the support level of 1680.00 last week, the gold price has returned to reach the level of 1745.00 which was the price resistance level for the previous few weeks.
After the rally reached that high last Tuesday, the price moved flat on Wednesday yesterday above the Moving Average 50 (MA50) support level on the 1 -hour time frame.
Not to mention signaling to make a decline, the price made another rise in today’s trading (Thursday) to the resistance level of 1745.00 again in the European session. However, prices are still struggling to break through the zone.
If the rise continues, the SBR (support become resistance) zone at 1765.00 is seen to be the main focus of the price before the higher rise will head to the level of 1800.00 again.
On the other hand if the resistance zone of 1745.00 is still immune to be broken, investors should be prepared for the situation of gold fall again with the expectation that the price will head back to the level of 1720.00.
For a lower decline, the price support zone is seen at the level of 1700.00 as well as 1680.00.
