The high rise in gold prices in the market over the weekend continued to shine on the expectations of commodity investors with a positive bullish pattern.
The outcome of the policy meetings of several major central banks on Thursday yesterday in particular the Bank of England (BOE) and the European Central Bank (ECB) which were rated hawkish had drowned out the attention of the FOMC meeting earlier.
Although the Federal Reserve (Fed) delivered a hawkish meeting decision, the US dollar instead moved weakly in the market.
In addition to giving room for other major currencies to soar, the situation was also taken advantage of by gold to record a surge in value in the market.
On the XAU/USD price chart which measures the value of gold against the US dollar yesterday has seen the price soar up to the level of 1800.00 again after the price decline when the FOMC meeting tested the price support zone at 1760.00.
Continuing positive, trading that continued in the Asian session on Friday morning remained bullish above the 1800.00 level but the upward momentum was seen to be slower than Thursday's trading.
The 1810.00 zone was approached on resumed trading in the European session, for the price to test the high reached on 26 November.
Analysts see the expected rise to continue towards the level of 1830.00 if the bullish trend of gold is still managed to be maintained.
On the other hand prices could plummet again if the US dollar re -strengthens and puts pressure on gold trading.
A drop below the 1800.00 level again will push a lower fall towards the 1760.00 support zone.
