Gold investors are increasingly restless watching the precious yellow metal trade move slowly and flatly over the weekend.
Is there still hope for gold to soar again before this week’s trading curtain anchors?
Watch the price movement on the XAU/USD chart which measures the value of gold against the US dollar throughout the week.
The price jumped at the beginning of the week above the level of 1850.00 before continuing to rise past the resistance level of 1875.00 due to the continued depreciation of the US dollar.
The strengthening of the US dollar was also only temporary as the market reacted to the latest FOMC meeting minutes report after expectations for earlier asset purchase reduction talks by the Federal Reserve (Fed).
The latest highest price increase reached this week hit 1890.00 last Wednesday before the price hovered back to the 1875.00 focus level again.
Gold investors are optimistic for gold price to continue rising with price movement supported by Moving Average 50 (MA50) level on 1 hour time frame which signals for price bullish trend.
Still, the upward momentum was gloomy over the weekend while the focus was on data on the U.S. manufacturing and services economy sectors in the New York session.
For bullish expectations, the latest target remains at the 1900.00 high for gold prices to record the highest level since last January.
Meanwhile, the bearish situation will see the price fall again testing the support level of 1850.00.
After a clearer bearish trend signal, investors will start paying attention again to the previous price focus level around the 1820.00 zone and the RBS (resistance become support) zone of 1800.00.
