GOLD Analysis - Gold Begins Steps To Continue Decline? - Kakiforex.com - Financial Market Media No. 1 in the World GOLD Analysis - Gold Begins Steps To Continue Decline? GOLD Analysis - Gold Begins Steps To Continue Decline?
InstaForex

June 29, 2021

GOLD Analysis - Gold Begins Steps To Continue Decline?

 The gold price movement is still flat entering the 8th day moving below the $ 1,800 price level with the support level at $ 1,765.


Sentiment for the US dollar is still mixed and has also influenced the slow movement of gold prices in the market since last week.


Judging by the XAU/USD price chart which measures the value of gold against the US dollar, the European session today (Tuesday) saw a slight strengthening of the US dollar pushing the price down towards the 1765.00 support zone.


Prices moving below the Moving Average 50 (MA50) barrier level in the 1 -hour time frame of price movement on the XAU/USD chart signal for a decline.


But it is still early to see the direction of price movement more clearly as long as the price is still flat in that range.


If the price manages to make a decline past the support of 1765.00, investors will see a clearer downward trend by seeing the price of gold continue to depreciate.


The nearest target market is seen at around 1745.00 with a lower downside target going back to the previous focus level of 1700.00.



If the support level of 1765.00 manages to support the rise in the price of gold, it is likely that the price will return to the resistance level of 1800.00.


For a rise above that level will give relief to gold investors in anticipation of the uptrend again.


The bullish target level is seen in the SBR (support become resistance) zone of 1850.00 after the resistance zone around 1820.00 was successfully passed.


Price movements are expected to be more vigorous over the weekend as investors await this week's focus event, the US NFP employment report for June.