Gold prices moved flat in Thursday's trading after resistance at the $ 1,950 price level has yet to be overcome this week.
Investors who remained vigilant over the escalation of the Russian-Ukrainian war crisis yesterday saw gold prices still show an increase despite the slow pace of movement.
During the Asian session this morning (Friday), gold prices jumped slightly following market reactions to reports of Russian military attacks on nuclear power plants in Ukraine this morning.
On the XAU/USD price chart which measures the value of gold against the US dollar, the price is seen once again making gains testing the 1950.00 level at the beginning of today’s Asian session.
The resistance was also tested earlier around last Wednesday but failed to continue higher gains.
Investors are still expecting the rise in gold prices to head back to the highs reached last week at 1974.00 when the war began to break out.
It is likely that investors are also focusing on the US NFP employment data report that will be published in the New York session soon.
The price is also still moving above the Moving Average 50 (MA50) support level on the 1 -hour time frame as a signal that gold is still moving in a bullish trend.
If the bulls manage to break the 1950.00 resistance, the 1974.00 high zone last week will be the next target.
And the price also has the potential to continue to rise higher beyond the zone to record the latest price record since August 2020 with a target at the 2000.00 level.
On the other hand, if the price of gold plummets again, investors will expect the price to decline to the level of around 1900.00 before a lower decline towards the RBS (resistance become support) zone of 1870.00.
