The price movement on the XAU/USD chart continued to show a losing streak after the price continued to make a decline to the 1780.00 zone which is thus a record low level in 7 weeks.
However, the 1780.00 support zone is also a focus zone as it has re -supported the price spike several times since mid -December 2021 trading.
This can be seen after the price movement increased at the end of the session before continuing to move horizontally as the market opens today (Monday) towards the New York session.
Investors continued to take cautious measures against gold trading despite the prospect of the Federal Reserve’s (Fed) hawkish statement being able to lead the greenback dollar to remain strong.
But the gold market will also assess Russian-Ukrainian developments at a time when the United States Senate (US) is ready to pass legislation to impose sanctions on Russia.
This situation will certainly indirectly benefit gold trading and it may drive demand for safe-haven assets and gold has the potential to increase again.
So the reason will completely encourage investors to focus on the 1780.00 zone to assess the pattern of movement that will be done whether to rebound or vice versa.
If the decline continues to be pressed to remain a loser, the next support zone seen at 1760.00 is expected to be the initial target to track in maintaining the bearish trend.
But if the 1780.00 zone is once again able to support the surge, then the 1800.00 zone will certainly be considered as a focus zone that will be tested first.
A more violent surge will completely affect the movement of gold price to reach the SBR zone (support become resistance) at 1830.00 in re -realizing the upward trend.
