Gold investors began to frown again as the value of the precious yellow metal returned to decline after reaching an 8 -month high.
Previously, gold prices had soared due to investor attraction to safe -haven assets following concerns over the escalating crisis between Russia and Ukraine.
Recent developments, however, have seen tensions ease as troops begin to be ordered to withdraw from the border.
Thus, the positive development again removed the attraction of gold trading and depreciation began to occur.
On the XAU/USD price chart which measures the value of gold against the US dollar yesterday, the price has started to show a decline in the European session until continuing to the New York session after reaching the latest high around 1879.00.
The decline re -tested the SBR (support become resistance) zone of 1850.00 and then the price began to flatten in that zone until trading resumed the Asian session on Wednesday.
While the market is wary for the possibility that tensions between Russia and Ukraine could rise again, gold prices are already signaling for a bearish trend where the price has moved below the Moving Average 50 (MA50) barrier level in the 1 -hour time frame.
If a lower decline occurs, the previous focus levels around 1822.00 and 1815.00 are seen among the targets for the price.
Next, the important zone of 1800.00 will be tested and will definitely give an interesting reaction by gold in that price area.
As for the expected price increase, the high price level reached yesterday will once again be tested to continue the previous bullish trend of gold.
The latest target is to head to the 1900.00 level to record the latest high for gold for the 8 -month trading period.
