GOLD Analysis - Trend Change, Gold Tries to Rise Again - Kakiforex.com - Financial Market Media No. 1 in the World GOLD Analysis - Trend Change, Gold Tries to Rise Again GOLD Analysis - Trend Change, Gold Tries to Rise Again
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June 12, 2021

GOLD Analysis - Trend Change, Gold Tries to Rise Again

 The return eased the worries of gold investors in Thursday's trading as prices began to rise again following the depreciation of the US dollar in the New York session.


As expected, US inflation data was published slightly lower, but did not reach the lower expected decline figures.


With the situation of depreciation the US dollar has given room for the value of gold to rise again.


On the XAU/USD price chart which measures the value of gold against the US dollar, expectations for the price to start a downtrend faltered as the price rebounded after testing the support level at 1875.00 which was the previous focus.


The bulls have returned to the 1900.00 level which has been the resistance zone for the price for the past few trading weeks.


The resistance zone needs to break the price to continue rising higher while recording the latest gold price in 5 months.


The next bullish target is seen at the level of 1950.00 which is a tested resistance at the beginning of last January trading.



But throughout the week, the price that tested the 1900.00 resistance several times still failed to break it.


Today's European session also saw struggling prices in the resistance zone show a slight initial decline.


However, if it continues, the price will fall to retest the support level of 1875.00 yesterday and if the price declines lower, the next support level is seen at 1850.00.


If the bearish trend is shown again, the price may plunge to return to the previous main focus level of 1800.00.