The weakness of the greenback dollar was driven by a declining attraction as a result of the development of the Omicron variant which is a little more encouraging than studies by experts on several Covid-19 vaccines.
Starting from that, gold trading continues to take the space to shine on the market after benefiting from the aggressive rise in the recent US inflation data.
But investors are also expected to take precautionary measures as the greenback dollar is seen to still have support from hawkish statements by the Federal Reserve (Fed).
The price movement on the XAU/USD chart which measures the value of gold against the USD has seen an increase after the price only made a rebounce on the RBS (resistance become support) zone of 1780.00.
The rise has indirectly supported the price to return to the 1800.00 zone at the end of Wednesday's session before continuing to move slowly and horizontally in the European session today (Thursday).
The price is likely to remain soaring after the price seems to form an engulfing bullish pattern on the weekly time frame that can give a clear indication of the maintenance of the uptrend pattern.
Due to that, investors are expected to issue an initial target for the price of gold to return to the highs recorded at the end of last week around 1814.00 to once again lead.
In fact, the SBR (support become resistance) zone of 1830.00 is likely to be the zone that will be reached if the price remains intact in displaying a rise before closing trading this week.
On a different note, the RBS 1780.00 zone may be re -touched if the gold price movement regains pressure from the greenback dollar to once again continue the fall.
A more drastic plunge altogether will push the price towards the most invulnerable support bulwark at 1760.00 which it has often driven upside since mid -October.
