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June 10, 2021

GOLD Analysis - Gold Prices Show More Decline

 Gold prices are seen showing a decline, moving further away from the $ 1,900 level reached after the price tested the resistance zone on Tuesday.

As shown on the XAU/USD price chart which measures the value of gold against the US dollar, the price fell lower in today’s trading (Thursday) heading to the support level at 1875.00.

Investors saw an early signal for a lower decline in the price of gold after the price moved below the Moving Average 50 (MA50) barrier level on the 1 -hour time frame of the price movement.

The United States (US) inflation data that will be published in the New York session tonight will affect the movement of the US dollar as well as the gold commodity.

If the 1875.00 level fails to support the price increase, a lower decline will test the 1850.00 level.

Next, the bearish trend of the price on the XAU/USD chart is expected for the price to bounce back up to the previous 1800.00 focus level.

However, if the gold price rises again, the 1900.00 resistance zone will be tested again before investors can see a higher surge.

Passing the resistance zone will add relief to investors to expect the price of gold to head to the latest high around 1950.00.

The level was last tested in early January before the price continued to move below that level until this June.