Continuing on Wednesday's trading, the movement of gold prices remained slow while the outcome of the FOMC meeting continued to be patiently awaited by investors.
After the fall in the price of gold from the $ 1,900 level to $ 1,850 earlier this week, the price was then seen displaying a horizontal movement.
As on the XAU/USD price chart which measures the value of gold against the US dollar, the decline was successfully contained after testing the support level of 1850.00 last Monday.
Still, investors are wary of lower bearish situations with price movements still hovering below the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the XAU/USD chart which is seen as a bearish trend signal.
The decline will again test the 1850.00 level and if the price fails to be supported to rise again, it is likely that investors will see a clearer bearish trend on this gold price chart.
The decline will lead to the level around 1820.00 first before reaching the main focus level of 1800.00 which is in the RBS zone (resistance become support).
Meanwhile, the bulls will test the nearest resistance at 1875.00 after successfully passing the MA50 barrier for an early signal to start a bullish trend.
A successful continued higher rise will re -test the key resistance zone at 1900.00.
The zone is seen as a difficult time for gold to penetrate, in fact the price was only able to hold temporarily above that level during the rise in early June trading.
Certainly the outcome of the FOMC meeting on Thursday morning will shape the next expectations of the gold price movement for investors.
