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May 18, 2021

GOLD Analysis - The $ 1,900 Level Is The Gold Target

 The gradual recovery of market sentiment continued to drive a lower depreciation of the US dollar in the market earlier in the week.


As expected, the price of gold remained bullish after crossing the $ 1,800 focus level last week.


Observing the price movement on the XAU/USD chart which measures the value of gold against the US dollar yesterday, the price jumped higher during the New York session.


The surge followed after the price eased slightly in the European session after the rise in prices initially started to flatten around the 1855.00 high.


The rally in the New York session yesterday hit a high of around 1868.00 to record the latest 3 -month high.


Next, the price that resumed trading today (Tuesday) is seen flat below the 1875.00 level which is the price resistance level tested in early February.



With the pattern of movement displayed, the price of gold is seen to continue rising to higher levels with the next price level target at 1900.00 to be reached.


Yet if a change in sentiment occurs and sees the price move against the trend again, investors need to be prepared for a decline in the price of gold.


If a price decline occurs, the focus level at 1850.00 and the price zone of 1820.00 seen again will be tested.


For lower declines, the RBS (resistance become support) zone at 1800.00 will determine the direction of gold price movement for a longer period.