GOLD Analysis - Gold Sluggish To Continue This Week's Jump

thecekodok

 Alas, the price of gold fell back yesterday, on Tuesday it was already high. What happened?


Gold investors must be prepared for the volatile movement of the yellow metal as the uncertainty of the Russian -Ukrainian war crisis continues to plague the market this week.


On the XAU/USD price chart which measures the value of gold against the US dollar, it can be seen that the price of gold has rebounded to reach a high of 1950.00.


But the positive momentum failed to be maintained yesterday when the price dropped back to the level around 1915.00.


While monitoring the development of the war crisis, investors are also being wary of US dollar trading ahead of the US NFP jobs data report over the weekend.


Even so, investors are still optimistic for gold to move in a bullish trend with the Moving Average 50 (MA50) level indicator on the 1 -hour time frame on the XAU/USD chart still supporting the price from a lower decline.


It is possible that the rise in the price of gold could happen again towards the resistance level of 1950.00.



To continue the bullish trend, the price will retest the height zone reached last week around 1974.00 which has recorded the highest level since September 2020.


A steady decline in prices will be expected in this volatile market environment as long as the Russia-Ukraine crisis remains protracted.


For the expectation of a decline in the price of gold, passing below the level of 1900.00 will give an early signal for a bearish movement of the price towards the RBS zone (resistance become support) 1870.00.


Further decline in the price past the next zone will target around 1850.00 until the price declines again towards the focus level of 1800.00.