GOLD Analysis - Gold Price Still Hovering In The $ 1,800 Zone - Kakiforex.com - Financial Market Media No. 1 in the World GOLD Analysis - Gold Price Still Hovering In The $ 1,800 Zone GOLD Analysis - Gold Price Still Hovering In The $ 1,800 Zone
InstaForex

July 13, 2021

GOLD Analysis - Gold Price Still Hovering In The $ 1,800 Zone

 Gold price movement is seen to remain flat above the $ 1,800 level since last week while investors remain wary of mixed market sentiment.


The US dollar, on the other hand, was seen moving slightly lower at the end of last week, continuing early trading this week with some US economic data such as inflation and retail sales data being the focus this week.


Investors will also be waiting for clues by Federal Reserve (Fed) Chairman Jerome Powell's speech this week on monetary policy after the minutes of the latest FOMC meeting gave no signal for a reduction in bond purchases (tapering).


On the XAU/USD price chart which measures the value of gold against the US dollar saw a decline in the Asian session on Monday morning to the level of 1800.00.


The level is seen to support a slight increase at the beginning of the European session but is hindered by the Moving Average 50 (MA50) barrier level in the 1 -hour time frame of price movement to serve as a directional indicator for investors.


A further decline in the price and a move below the 1800.00 level will signal a downtrend in the price of gold.



For a longer period, the price is seen to move back to the level of 1765.00 before testing the support zone around 1745.00.


On the other hand, if the price manages to continue the jump from the 1800.00 level, last week's resistance level almost in the 1820.00 zone will be tested again.


Passing the rise in that zone will push the price expectation to head to the SBR zone (support become resistance) at 1845.00 back.