Gold price movements remained positive with the bullish pattern displayed this week giving joy to investors.
Gold prices were previously less impressed with the temporary strengthening of the US dollar following published US inflation data rising.
The price of gold just made a slight decline before maintaining its rise. With the re -depreciation of the US dollar after the speech of Federal Reserve (Fed) Chairman Jerome Powell is seen to push the price of gold higher.
On the XAU/USD price chart which measures the value of gold against the US dollar can see the price continue to rise after flattening above the 1800.00 level since last week.
As of this afternoon’s European session (Thursday), the price has reached a high of around 1833.00 and is expected to close higher trading over the weekend.
Prices moving above the Moving Average 50 (MA50) support level on the 1 -hour time frame remain signaling a bullish trend on the XAU/USD chart.
The next gold price upside target is to head to the SBR (support become resistance) zone of previous focus at 1850.00.
If the price moves down again below the MA50 support level, investors see it as an early signal for a price decline.
The decline will re -test the 1800.00 zone as the RBS (resistance become support) zone.
A fall in the price of gold below that level will expect a lower decline in prices again and again annoy investors.
