After moving flat in last Tuesday's trade, gold continued its decline on Wednesday to its lowest level since the end of February.
The gold commodity is currently seen still struggling to find a strengthening rhythm while also receiving pressure by the dominance of the US dollar in the current market.
Analysts see this situation will continue to continue next week with the main focus to be directed to the FOMC meeting following indications for an aggressive interest rate hike by the Federal Reserve (Fed).
Still risky market sentiment has failed to boost investor attraction to gold safe-haven assets since last week.
On the XAU/USD price chart which measures the value of gold against the US dollar, the price almost managed to touch the 2000.00 high at the beginning of last week, but the price has shown a bearish pattern to continue this week.
The decline in the price of gold earlier this week led to the focus level of 1900.00 before the price 'rested' for a while in the zone.
The decline continued yesterday until today (Thursday) hovering around the 1870.00 zone, a zone that has also been the focus of commodity analysts before.
The lower decline is expected to reach the level around 1830.00 if the price continues to decline below the 1870.00 zone.
Yet if the price of gold starts to rebound, the initial resistance that will be the focus of the price increase is at 1900.00.
For a clearer change of the bullish trend, the bulls are expected to return to the level around 1950.00 before targeting the 2000.00 high for further gains.
