Gold trading over the weekend is increasingly making investors angry as it continues to display volatile price movements.
It can be seen that the price on the XAU/USD chart which measures the value of gold against the US dollar declined yesterday below the 1745.00 level before flattening below the Moving Average 50 (MA50) barrier level on the 1 -hour time frame.
Continuing trading on Thursday, the price slowed at the beginning of the Asian session before showing a rebound towards the early opening of the European session to the 1745.00 level again.
Gold trading influenced by the US dollar saw the strengthening of the US dollar in the Asian session following members of the Federal Reserve (Fed) meeting began discussing to reduce bond purchases.
However, the market did not react significantly before the US dollar weakened again and resumed yesterday's decline.
A higher rise will carve a smile for gold investors with the expectation of the price testing the SBR (support become resistance) zone at 1765.00.
Passing the zone will push higher gains heading back to the 1.8000 level.
On the other hand, if the gold price plummets again below the MA50 support level, the price support zone is seen at 1720.00.
Prices have yet to fall below that level after rising prices above it since early April.
A lower decline below that level will return to the support zone in the price range of 1700.00 to 1680.00.
