True to expectations, the price of gold has soared to reach the $ 1,900 level recording the latest 8 -month high.
Undoubtedly, the rising demand for gold was driven by risky market sentiment in the wake of the Russian and Ukrainian crises reportedly tense again.
With the US dollar also not giving a clear reaction, it has provided more comfortable room for gold to continue climbing in Thursday’s trading yesterday.
On the XAU/USD price chart which measures the value of gold against the US dollar, gold met analysts ’forecasts for a bullish target until yesterday’s New York session reached the 1900.00 level.
However, continuing at the beginning of the Asian session this morning (Friday), the price made a slight decline again with the 1900.00 level now being the resistance for the price to continue rising.
The bullish pattern is still expected to continue at the close of trading this week, likely targeting the latest highs around 1930.00 or higher.
On the other hand if 1900.00 remains a barrier for gold to rise higher, the price is likely to make a re -decline if market sentiment changes again.
Several important zones such as at 1870.00 and 1850.00 will be tested before signaling for a change in the bearish trend of the price again for gold trading.
