Investors continued to look forward to US consumer price index (CPI) data on Friday to provide an answer to the direction of gold which is currently still unraveled.
In this regard, the issuance of US consumer price data is also likely to affect the price of gold for which it has been listed as one of the assets to hedge against inflation.
However, a small reading of the data will also confirm a more pronounced shadow for the Federal Reserve (Fed) to tap ahead ahead of next week's FOMC meeting.
The XAU/USD price movement which measures the value of gold against the USD is seen to resume its slow pace today (Thursday) despite a slight dip in yesterday's trading session.
The reason has made gold trading look a bit disappointing in this week's trading after the price continued to hover in the RBS (resistance become support) zone of 1780.00.
Investors are expected to continue to make more accurate assessments following the movement of gold prices observed as if forming a morning star on the weekly timeframe for bullish signals.
This can also give an idea to investors to see the price on the XAU/USD chart testing the resistance which is now considered the SBR zone (support become resistance) which is at 1800.00.
That is, the SBR zone once prevented the price movement from continuing to soar at the end of November and which if the 1800.00 zone is successfully broken, the SBR 1830.00 zone may be reached.
On the other hand, the most immune support zone since October 2021 at 1760.00 is likely to be hit before the price will probably be able to continue declining to create a 10 -week low.
