Examining gold commodity trading, the price movement remained hovering in the same range with the $ 1,830 high level and the $ 1,800 level.
The XAU/USD price chart which measures the value of gold against the US dollar met the upside expectations to test the high of 1830.00 yesterday which was the high level reached at the close of 2021 trading.
However, following the strengthening of the US dollar at the end of the New York session following the market's reaction to the minutes of the FOMC meeting has again pushed the price of gold from the level of 1830.00 to the support level of the Moving Average 50 (MA50) in the 1 -hour time frame.
Continuing on Thursday's trading, the price continued its decline from the Asian session until the European session hit the 1800.00 level again.
Will the level manage to re -support the rise in the price of gold or will the price fall lower?
If the price makes a lower decline, the RBS (resistance become support) zone of 1790.00 will be the focus after a few weeks the zone manages to support the price from falling lower.
The continued decline is expected to extend up to the 1760.00 support zone which was an important zone for last December's trading.
If the price manages to stay above the 1800.00 level, the upside is likely to test again the 1830.00 resistance zone.
Passing the resistance zone will mark the latest high for gold for the 6 -week trading period.
