Price movements in the financial markets began to be seen making a ‘u-turn’ again over the weekend.
Still, commodity investors are still positive expecting gold trading to remain steadily rising this week.
In the past week, gold prices have managed to soar past the $ 1,800 per ounce level following market reactions after the FOMC meeting.
On the XAU/USD price chart which measures the value of gold against the US dollar has seen a rise of up to $ 60 from a 9 -week low of $ 1,753 to a level of $ 1,814.00.
But closing over the weekend, the price dropped back to around $ 1,800 and hovered around it on resumed trading earlier this week.
From the Asian session to the European session today, the price is seen still moving at the level of $ 1,800 which also tests the support level of the Moving Average 50 (MA50) on the 1 -hour time frame.
A successful continued rise will re -test the 1810.00 resistance zone tested last week before continuing higher to the 1830.00 price target.
Even so, investors should be wary that the re -exhibited strengthening of the US dollar could push the price of gold back to decline.
For the expectation of a bearish pattern, a movement below the 1800.00 level will push the price towards the level around 1780.00 first before connecting the lower decline to the 1760.00 zone.
The development of the Omicron variant contagion will continue to be monitored this week which influences the movement of gold price in the market.
