Investors were wary of gold trading earlier this week which moved slower than last week while the development of the Russia-Ukraine war crisis remained monitored.
Still hoping to see gold soar again, investors are optimistic the price of gold will be able to reach back to last week’s high of $ 1,974.00 after seeing a decline back over the weekend.
But it is difficult to expect a gold surge for now as the progress of negotiations between Russia and Ukraine slightly eased the tensions of the war that erupted earlier.
However, risks remain surrounding the market and also curb the fall in gold prices from below the $ 1,900.00 level. In fact, there are expectations for gold to reach the $ 2,000.00 level if the war heats up again.
On the XAU/USD price chart which measures the value of gold against the US dollar, the price is seen hovering above the 1900.00 level while waiting for a clearer signal for further movement.
Analysts still see the price of gold moving in a bullish trend, however there is a price correction with the expectation of rising prices resuming this week.
The price increase is expected to happen if the war crisis heats up again and can raise the price of gold to the high level reached like last week again.
Passing the next high of 1974.00 will target the price of gold to move to the level of 2000.00 while recording the latest high since August 2020.
On the other hand, if the price of losing gold experiences a lower decline below the level of 1900.00, the RBS zone (resistance become support) at 1870.00 will wait for the price decline and the price reaction in that zone will be the focus of investors.
If the bearish signal will continue, the next target will be directed to the 1850.00 and 1830.00 zones.
