Still unmoved, gold continues to show an increase in value heading into this weekend’s trading.
True to analysts' expectations, the XAU/USD price chart, which measures the value of gold against the US dollar, has seen the price rise above the 1830.00 target level.
Since the beginning of the week, the price has remained moving above the Moving Average 50 (MA50) support level on the 1 -hour time frame which signals a bullish trend movement for gold.
In Wednesday's trading yesterday, the price maintained its bullish pattern and managed to break the 1830.00 level during the New York session.
Continuing the rise to the highs around 1835.00, the price began to flatten around that until trading resumed into the European session today (Thursday).
With a positive bullish pattern featured, investors are pinning their hopes of seeing gold prices close this week’s trading at higher levels.
The expected rise in gold prices will head to the resistance zone at 1850.00 which was tested in late January trading before making the next price plunge.
Nevertheless, investors remain vigilant for any possibilities that may occur in the market with the focus to be on the release of US inflation data in the New York session soon.
If the price of gold plunges back below the support level of MA50 and also the level of 1830.00, investors will be ready for a change in the bearish trend for gold.
The initial decline will test the RBS zone (resistance become support) around 1812.00 before heading to the important level at 1800.00.
The decline that continues lower will return to the support zone of 1780.00 which was hit by the price at the end of January.
