The XAU/USD price movement, which measures the value of gold against the USD, was seen to still see the inability to fly higher after the price remained flat in trading on Wednesday.
It can also be said that the price pattern seems to be giving an early signal of a trend change in line with the price still trading below the Moving Average 50 (MA50) barrier level.
Apart from that, the price movement also looks like a reversal in the SBR (support become resistance) zone of 1780.00 which has already shown a plunge reaction in the European session today (Thursday).
The impact of the Federal Reserve's (Fed) hawkish statement as well as the good reading on the issuance of the US ADP NFP data report is seen to continue to give a strengthening aspect to the greenback dollar.
But the fall in US 10 -year treasury yields, which has plunged to a 9 -week low, has not been able to influence gold trade to return to record gains.
The focus is also on the publication of job unemployment data that will be published in tonight’s New York session before looking forward to the US NFP data in trading tomorrow (Friday).
In conclusion the 1760.00 support zone is likely to be the main focus for investors to track which is the strongest wall in supporting the price increase since October.
A more significant decline will see the price of gold tear the wall which will then probably test the 1740.00 zone and thus will record the latest record lows.
Meanwhile, if the price movement manages to gather the ability to climb again, the SBR 1780.00 zone will definitely be reached again before it is expected to be able to fly more fiercely.
More aggressive flights will be observed in the SBR 1800.00 zone which is considered an important focus so that the gold price can be expected to change the trend.
