Gold prices are still holding above $1810.00 levels rather than dropping lower and investors are looking for early clues to signal an initial price hike for the precious commodity.
The mixed movement of the US dollar since the beginning of the week also affects the slow movement of the value of gold in the market, making investors more cautious.
The XAU/USD price chart which measures the value of gold versus the US dollar saw the 1810.00 zone become a support zone after the decline took effect at the end of last week's trading session.
After flattening below the 50 Moving Average (MA50) barrier on the 1-hour timeframe of price movement, trading today (Wednesday) which started to increase above that level gave an initial signal for an initial bullish move.
However, investors remain wary of waiting for the NFP jobs data report in the United States (US) on Friday which is expected to have a big impact on the movement of gold.
Should the price move higher initially, the resistance zone at 1830.00 will be tested once again after last week's price hike failed to break it.
If the price manages to break through this zone, higher gains will go to the SBR (support become resistance) zone, the pedestal at 1850.00.
On the other hand, if the gold price drops lower and the level of 1810.00 fails to contain the downward momentum, the 1800.00 zone will be tested again.
Investors would like to see if the zone is still able to support the price hikes as exhibited in trading in recent weeks.
If the price dips below 1800.00, the expectation of the gold price will shrink to the pedestal level around 1765.00 and 1745.00.
