GOLD Analysis - Gold Price Plunge Too? Watch out! - Kakiforex.com - Financial Market Media No. 1 in the World GOLD Analysis - Gold Price Plunge Too? Watch out! GOLD Analysis - Gold Price Plunge Too? Watch out!
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April 24, 2021

GOLD Analysis - Gold Price Plunge Too? Watch out!

The XAU/USD price chart, which measures the value of gold against the US dollar, was seen moving flat over the weekend and has yet to break the 1800.00 resistance.


As of Wednesday and Thursday trading yesterday, the price of gold has risen to a high of 1797.00 and retreated from the resistance zone.


Analysts still expect the gold price target to reach the 1800.00 level, however the price’s re -decline below the Moving Average 50 (MA50) barrier level over the 1 -hour time frame worries investors for a lower bearish signal.


If the price makes a further decline, the price will retest the RBS (resistance become support) zone of 1765.00 which has supported the price from falling lower on the decline earlier this week.


The rise in gold prices is still influenced by the movement of the US dollar as well as current market sentiment.



The strengthening of the US dollar in the New York session yesterday prevented gold prices from continuing to rise as analysts had expected.


If the price manages to break the resistance at 1800.00, a higher rise of the price is expected to head up to the high level at 1850.00.


To reach that level, the price needs to jump up to another 500 pips to test the resistance level in last February’s trading.