Gold trading continued to bear losses over the weekend as it fell below the $ 1,800 level since Thursday yesterday.
Previously, in trading last Monday and Tuesday, the decline had reached the level of $ 1,800 but managed to make a rise again.
But after rising to $ 1,830 again, gold prices fell below $ 1,800 and hit a weekly low of around $ 1,787 at the end of the New York session until the Asian session this morning.
Investors are still wary of the movement of the US dollar which affects the value of gold, ahead of the US NFP jobs data report that will be the focus of tonight's New York session.
On the XAU/USD price chart which measures the value of gold against the US dollar saw the price decline to the level of 1787.00 began to level off testing the RBS (resistance become support) zone.
The displayed price pattern is more likely to indicate that the price will continue its downward movement after the price slips lower below the 1800.00 level and moves below the Moving Average 50 (MA50) barrier level on the 1 -hour time frame.
A lower decline from the RBS 1787.00 zone will lead to a focused support zone at around 1760.00.
But the decline needs to be strengthened by the US dollar with the release of the US NFP employment data report.
On the other hand if the data reading is disappointing and weakens the US dollar, the price is likely to make a rebound above the 1800.00 level before signaling a bullish trend.
The 1830.00 high will be tested again before passing the resistance to record the latest 6 -week high.
