GOLD Analysis - This Happens After The Price Of Gold Reaches The Level Of $ 1,900 - Kakiforex.com - Financial Market Media No. 1 in the World GOLD Analysis - This Happens After The Price Of Gold Reaches The Level Of $ 1,900 GOLD Analysis - This Happens After The Price Of Gold Reaches The Level Of $ 1,900

June 9, 2021

GOLD Analysis - This Happens After The Price Of Gold Reaches The Level Of $ 1,900

 The gold price movement continued in today's trading (Wednesday) was seen still flat in line with the gloomy movement of the US dollar while investors waited for the US inflation data which was the focus on Thursday.


Examining the price movement on the XAU/USD chart which measures the value of gold against the US dollar was seen testing the resistance zone at 1900.00 yesterday in the Asian session and the European session but failed to break to higher levels.


In fact, the decline was exhibited at the beginning of the New York session from the 1900.00 resistance zone reaching a daily low yesterday around 1884.00.


However, the price slightly rose again before the price movement slowed towards the end of the session and closed the trade around 1892.00.


Vigilant investors are waiting for clearer signals for the direction of gold price movement as the price hovers around the Moving Average support level of 50 (MA50 on the 1 -hour time frame on the XAU/USD chart.


Yet after flattening in the Asian session, prices began to show signs of decline in the European session this afternoon.


It is likely that a decline has been expected by investors after the 1900.00 resistance zone is still blocking the price increase this week.



The nearest support level is seen at 1875.00 before the successful continued lower decline is seen to be heading to the level around 1850.00.


A lower drop beyond that level will strengthen the expectation of gold price to return back to the focus level at 1800.00 in the bearish trend movement of the price.


On the other hand, if the price manages to rebound, the 1900.00 resistance zone needs the price to break through to continue the higher ascent.


The next bullish target is still focused on the 1950.00 price high which was the resistance level during November and January trading.